What happened: Strategy (MSTR) stock fell more than 6% on Monday morning after the largest public holder of bitcoin disclosed the sale of 32 bitcoin at a price of $2.5 million.
It was the company’s first bitcoin sale since late 2022
The move brings Strategy’s stock price to $151 per share, or roughly flat year to date. Bitcoin (BTC-USD), meanwhile, is down more than 2% over the past 24 hours. What’s behind the move: The bitcoin investor and business software firm recently signaled plans to shift from longtime bitcoin stockpiling to more active balance sheet management.
Strategy owns more bitcoin than any other publicly traded entity. The aim is for the company to juice its “bitcoin per share” performance metric, which measures how much bitcoin backs its stock. The new focus is a 180-degree turn from Strategy’s relentless use of creative financing from the capital markets to buy as many coins as possible.