Strategy Resumes Bitcoin Sales Amid investor Frustration
Strategy, led by Michael Saylor, has resumed selling Bitcoin after a four-week pause. In an 8-K filing with the SEC, the company disclosed that it had sold 1,638 BTC over the past week at an average price of $63,957 per coin.
The sale price is significantly lower than the average acquisition cost of approximately $75,419 per coin, resulting in a loss of more than $11,000 per Bitcoin for Strategy. The company used proceeds from the sale to fund preferred stock dividends and repurchase STRC shares.
Strategy has continued raising capital through its at-the-market (ATM) equity program, selling more than 3 million shares of MSTR Class A stock and generating $290.6 million in net proceeds. The majority of these funds were added to the company's USD Reserve, with some used for STRC repurchases and general cash balance.
MSTR shares have underperformed Bitcoin's price year-to-date, falling nearly 40% while Bitcoin's price is down around 30%. This has led to frustration among retail investors on platforms such as Stocktwits, who expressed skepticism about Saylor's strategy.