Last week, Strategy sold 32 bitcoins for $2.5 million, averaging $77,135 per coin, as geopolitical uncertainties continue to pressure the crypto market. This sale, the company's second ever, follows a recent announcement of a strategic shift from Michael Saylor's previous 'never sell' stance to a more flexible approach aimed at enhancing bitcoin-per-share metrics and overall financial health.
Alongside the bitcoin sale, Strategy also sold 801,994 shares of common stock, raising $128.3 million, but this news resulted in a more than 6% drop in share price during premarket trading. Bitcoin itself fell 2%, reaching its lowest point since April 13.
CEO Phong Le emphasized the goal of becoming net aggregators of bitcoin, focusing on increasing bitcoin per share to drive long-term value for shareholders. A key component of this strategy is the introduction of STRC, a yield-paying security that allows investors to earn income backed by the company's bitcoin-heavy balance sheet.
This approach aims to leverage investor demand for income products to accelerate the growth of its bitcoin holdings. The last time Strategy sold bitcoin was in December 2022, during a challenging market characterized by rate hikes and the fallout from the FTX collapse.
Currently, bitcoin is over 42% below its all-time high of more than $126,000, and bitcoin ETFs have experienced their longest streak of net outflows, indicating a cautious sentiment in the market