Michael Saylor's Strategy Inc. Sells 32 Bitcoin Amid Financial Adjustments
Michael Saylor Sells 32 Bitcoin: What Is Going On?
Image: Benzinga
Strategy Inc. sold 32 Bitcoin for approximately $2.5 million to fund preferred stock dividends, reducing its holdings to 843,706 BTC. The sale reflects a significant paper loss of around $2.9 billion, as the company prepares to resume Bitcoin acquisitions after a brief pause.
- 01Strategy Inc. sold 32 Bitcoin at an average price of $77,135 each, totaling about $2.5 million.
- 02The company's total Bitcoin holdings now stand at 843,706 BTC, valued at around $61 billion.
- 03Strategy's average purchase price for Bitcoin is $75,699, leading to an implied paper loss of approximately $2.9 billion.
- 04The STRC preferred stock's annualized dividend rate remains at 11.5% for June, with a proposal to shift payments to twice monthly.
- 05Michael Saylor indicated a potential resumption of Bitcoin purchases after a recent pause, stating the acquisition strategy is 'working better.'
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Strategy Inc. (NASDAQ:MSTR) recently sold 32 Bitcoin for about $2.5 million between May 26 and May 31 to cover preferred stock dividend payments. This sale reduced the company's total Bitcoin holdings to 843,706 BTC, valued at approximately $61 billion. The average sale price of these coins was $77,135 each, while the company's average purchase price stands at $75,699, resulting in an implied paper loss of about $2.9 billion. In addition to the Bitcoin sale, Strategy Inc. sold 801,994 shares of MSTR for $128.3 million, although these proceeds were not allocated for Bitcoin purchases. The company confirmed that the annualized dividend rate for STRC shares remains at 11.5% for June and proposed changing dividend payments from monthly to twice monthly. Despite recent sales, Michael Saylor updated the Bitcoin acquisition tracker, suggesting plans to resume Bitcoin purchases soon. Notably, Peter Schiff criticized the sale, questioning future demand for Bitcoin as it trades below the sale price.
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