MicroStrategy Chairman and CEO Michael Saylor pauses during his speech at the Bitcoin 2022 Conference at the Miami Beach Convention Center on April 7, 2022 in Miami, Florida.
Marco Bello | Getty Images
michael saylor’s strategy Last week, I sold my Bitcoin for the second time in history, as geopolitical uncertainty continues to weigh on Bitcoin prices and the overall cryptocurrency market.
Strategy sold 32 coins for $2.5 million between May 26 and May 31, at an average price of $77,135 per coin, according to Monday’s filing. The company also sold 801,994 shares of its common stock during the period, raising $128.3 million.
Shares fell more than 6% in premarket trading. Bitcoin The stock fell 2% on the news, its lowest since April 13th.
This is the second time that Strategy has sold Bitcoin, and it comes shortly after the company announced a shift from Saylor’s long-standing “never sell” strategy and announced that it would actively manage its balance sheet. This includes the possibility of selling Bitcoin if the Bitcoin per share metric improves, dividends are paid, or the company’s financial position strengthens.
“We want to be a net aggregator of Bitcoin. We want to grow the total amount of Bitcoin, but more importantly, we want to grow the Bitcoin per share, because we think that is the biggest long-term increase for MSTR,” Strategy CEO Von Leh said on an earnings call in early May.
A big part of the company’s new focus is STRC, a yield-paying security issued by Strategy that allows investors to earn income backed by the company’s Bitcoin-centric balance sheet instead of buying Bitcoin directly. The goal is to turn your Bitcoin holdings into a trust engine, and investor demand for income products allows Strategy to grow your Bitcoin stack faster than simply buying and holding.
The last time Strategy sold Bitcoin was in December 2022, during a Bitcoin bear market marked by interest rate hikes, the collapse of FTX, and widespread crypto contagion driven by interconnected lending platforms and hedge funds.
Bitcoin is up more than 42% from its all-time high of over $126,000. On Friday, Bitcoin ETFs recorded their 10th consecutive day of net outflows, and the longest on record.
Bitcoin this year
