#bitcoin has nosedived below USD $72,000 amid Strategy's sell-off and rising tensions between the US and Iran.
$BTC pulled back to around USD $72,000 this Monday and kicked off June in the red, pressured by a mix of factors: Strategy unloaded 32 BTC for USD $2.5 million, marking its first disclosed sale since 2022, while geopolitical tensions escalated after Iran launched missiles at US forces in Kuwait.
Bitcoin $BTC weakened again this Monday, dipping towards the USD $72,000 zone, amid fresh signals of pressure on corporate demand and a deteriorating geopolitical environment in the Middle East.
The leading cryptocurrency plummeted to briefly trade below USD $72,000, according to CoinDesk data, after it was revealed that Strategy sold 32 BTC between May 26 and May 31 for roughly USD $2.5 million.
The sale was executed at a net average price of USD $77,135 per Bitcoin, and the funds will be used to finance distributions of its preferred shares, according to an 8-K filing cited by CoinDesk and Barron’s.
A small sale, but psychologically significant
The sale of 32 BTC represents an almost negligible fraction of Strategy's total holdings. As of May 31, the company still held 843,706 BTC, acquired at an average price of USD $75,699 per coin, according to the filing cited by CoinDesk.
Strategy also boosted its cash reserves
The filing also showed that Strategy raised USD $128.3 million through its ordinary share issuance program in the market, known as ATM. A small part of those funds was allocated to increase its cash reserve in dollars from USD $871 million to USD $900 million.
$BTC
$BTC pulled back to around USD $72,000 this Monday and kicked off June in the red, pressured by a mix of factors: Strategy unloaded 32 BTC for USD $2.5 million, marking its first disclosed sale since 2022, while geopolitical tensions escalated after Iran launched missiles at US forces in Kuwait.
Bitcoin $BTC weakened again this Monday, dipping towards the USD $72,000 zone, amid fresh signals of pressure on corporate demand and a deteriorating geopolitical environment in the Middle East.
The leading cryptocurrency plummeted to briefly trade below USD $72,000, according to CoinDesk data, after it was revealed that Strategy sold 32 BTC between May 26 and May 31 for roughly USD $2.5 million.
The sale was executed at a net average price of USD $77,135 per Bitcoin, and the funds will be used to finance distributions of its preferred shares, according to an 8-K filing cited by CoinDesk and Barron’s.
A small sale, but psychologically significant
The sale of 32 BTC represents an almost negligible fraction of Strategy's total holdings. As of May 31, the company still held 843,706 BTC, acquired at an average price of USD $75,699 per coin, according to the filing cited by CoinDesk.
Strategy also boosted its cash reserves
The filing also showed that Strategy raised USD $128.3 million through its ordinary share issuance program in the market, known as ATM. A small part of those funds was allocated to increase its cash reserve in dollars from USD $871 million to USD $900 million.
$BTC