Strategy announced that it sold 32 Bitcoin (BTC) last week. This is the first sale since a tax-related transaction in 2022, with the company using the funds to finance dividend payments on preferred shares. This was reported by Cointelegraph.com reports .
According to an 8-K filing with the U.S. Securities and Exchange Commission (SEC), 32 BTC were sold at an average price of $77,135, totaling $2.5 million. As a result, the company's total holdings decreased from 843,738 BTC to 843,706 BTC. Following this news, MSTR shares traded on the Nasdaq fell by more than 6%, reaching approximately $148.70.
The sale has raised concerns among investors regarding Strategy's financing model through preferred shares. Many are worried that dividend obligations could force the company to sell more Bitcoin in the future. Previously, in 2022, the company sold 704 BTC and bought back 810 BTC two days later.
The price of Bitcoin also fell below $72,000 following the announcement, stabilizing around $71,939 according to CoinGecko data. Additionally, in the last week of May, Strategy sold 801,994 Class A (MSTR) shares, generating $128.3 million in revenue.
Although company head Michael Saylor hinted at new activity over the weekend, the lack of weekly purchases and the occurrence of a sale came as a surprise to many investors.
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