- Bitcoin treasury firm Strategy has sold 32 BTC for roughly $2.5 million, reversing its long-held “never sell” stance.
- The funds will be used for preferred stock distributions, according to an SEC filing.
- Following the news, Bitcoin’s price dropped to around $72,000, down 2.4% for the day.
- The sale reduces Strategy‘s holdings to 843,706 BTC, valued at approximately $61 billion at current prices.
Strategy, a prominent Bitcoin treasury firm, sold 32 BTC last week for approximately $2.5 million, marking a significant policy shift. The average sale price was $77,135 per Bitcoin, as detailed in a recent SEC filing.
Proceeds from the sale are designated to fund distributions on the company’s preferred stock. Consequently, this move formally abandons the firm’s previously staunch “never sell” position on its Bitcoin holdings.
Last month, Strategy Chair Michael Saylor had indicated a potential change, stating, “We’ll probably sell some Bitcoin to fund a dividend just to inoculate the market—just to send the message that we did it.” Meanwhile, CEO Phong Le clarified the firm “will sell Bitcoin when it’s advantageous to the company.”
Market observers had warned that such a reversal could trigger short-term panic. Consequently, Bitcoin’s price reacted immediately, dropping to just over $72,000 on the news, according to CoinGecko data.
This sale follows Strategy‘s recent use of a $1.38 billion cash buffer to repurchase convertible notes. However, this is not the firm’s first Bitcoin sale; it sold 704 BTC in December 2022 as part of a tax strategy, per reports.
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