- Strategy sold 32 Bitcoin, marking its first sale since December 2022.
- The company’s stock fell over 5% following the announcement, which also contributed to a decline in Bitcoin’s price below $72,000.
- CEO Phong Le stated the sale was executed at cost basis to avoid tax implications and maximize Bitcoin-per-share.
Shares of Strategy (MSTR) tumbled in pre-market trading on Monday after the Michael Saylor-backed company announced its first Bitcoin sale in over a year, a move that immediately impacted both its stock and the cryptocurrency’s market price. The company sold 32 Bitcoin over the past week, a strategic decision executives had hinted at since the first-quarter earnings call.
Michael Saylor and CEO Phong Le said in an interview last month that selling Bitcoin could help maximize Bitcoin-per-share over the long term. Consequently, the sale executed at cost basis allows the company to break even and sidestep tax consequences.
Meanwhile, MSTR shares fell more than 5% in premarket trade following the announcement, while Bitcoin dropped below $72,000 and was down roughly 2.5% over the previous 24 hours. This sale follows the company’s only other Bitcoin disposal in December 2022, when it sold 704 BTC for around “$11.8 million” to generate tax benefits.
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