First time selling Bitcoin in 4 years, BTC price drops to a 1.5-month low
After a "hint" last month, Michael Saylor's Strategy has announced the sale of 32 BTC at an average price of $77,135, bringing in $2.5 million. Notably, this is the first time Strategy has gone short on Bitcoin since late 2022, when the company offloaded some BTC at a loss for tax deductions, only to buy back shortly after. Currently, Strategy holds 843,706 BTC (worth $60.8 billion), with an average buy-in price of $75,699. Last week, the company shelled out $1.5 billion in cash reserves to repurchase issued bonds, cutting down its debt to $6.7 billion. Despite this, Saylor has stated he will "buy back 10-20 times" the amount of BTC sold in upcoming portfolio additions.
After a "hint" last month, Michael Saylor's Strategy has announced the sale of 32 BTC at an average price of $77,135, bringing in $2.5 million. Notably, this is the first time Strategy has gone short on Bitcoin since late 2022, when the company offloaded some BTC at a loss for tax deductions, only to buy back shortly after. Currently, Strategy holds 843,706 BTC (worth $60.8 billion), with an average buy-in price of $75,699. Last week, the company shelled out $1.5 billion in cash reserves to repurchase issued bonds, cutting down its debt to $6.7 billion. Despite this, Saylor has stated he will "buy back 10-20 times" the amount of BTC sold in upcoming portfolio additions.