cointelegraph.com
Strategy sold 32 $BTC last week, its first reported Bitcoin sale since a 2022 tax loss transaction, as the company moved to fund preferred stock distributions.
Strategy sold 32 Bitcoin ($BTC) for $2.5 million at an average price of $77,135 per $BTC, reducing its holdings from 843,738 $BTC to 843,706 $BTC, according to a Monday 8-K filing with the US Securities and Exchange Commission.
Proceeds from the Bitcoin sale are expected to be used to fund distributions on preferred stock, the company said.
Source: SEC
The sale came after Strategy faced increased scrutiny over its preferred stock financing model, as investors questioned whether dividend obligations could eventually pressure the company to sell some of its Bitcoin.
The sale is Strategy’s first reported Bitcoin disposal since a 2022 tax loss transaction, when the company sold 704 $BTC and repurchased 810 $BTC two days later.
Strategy sells $128 million in Common A stock
In addition to selling Bitcoin in the last week of May, Strategy also offloaded 801,994 Class A (MSTR) shares, generating $128.3 million in proceeds.
No preferred stock raises took place over the week, aligning with reports by STRC Live, which estimated that Strategy would announce no buys for the past week.
Source: Polymarket
The sale may have surprised some investors after Strategy executive chairman Michael Saylor hinted at possible fresh activity over the weekend.
“Working Better” Saylor posted on X late Sunday morning to accompany a bubble chart tracking Strategy’s Bitcoin purchases over the past nearly six years.
Some industry observers had been anticipating a potential sale, with crypto intelligence platform Arkham reporting that Strategy transferred $BTC to Coinbase Prime last Friday.
Strategy CEO Phong Le confirmed last week that the company might sell Bitcoin at some point in the future.
“We'll likely sell Bitcoin at some point in time, but we will be net increasing our Bitcoin and more importantly, increasing our Bitcoin per share,” the CEO said.