Strategy Sells First Bitcoin Since December, Aims to Maximize Share Value

Strategy, backed by Michael Saylor, has sold its first Bitcoin since December 2022. The company announced it had sold 32 BTC for approximately $2.5 million between May 26 and May 31. This sale marks a significant change in the company's strategy, as it aims to maximize its Bitcoin-per-share over the long term.

The sale comes after Saylor hinted that the company may sell some of its Bitcoin holdings during the first quarter earnings call. In an interview last month, he stated that there was no way for the company to maximize its Bitcoin-per-share in the next seven years unless it sold some of its holdings. CEO Phong Le added that the company would sell its Bitcoin at cost basis, allowing it to break even and avoid any tax implications.

The sale has had a ripple effect on the market, with Bitcoin's price dropping below $72,000 and falling 2.5% in the last 24 hours. Shares of Strategy (MSTR) plummeted in pre-market trade, falling more than 5%. The company's total Bitcoin holdings now stand at around 843,706, purchased at an average price of $75,699 per Bitcoin.