Strategy sold 32 Bitcoins for $2.5 million
Strategy, a company invested heavily in Bitcoin, has sold a portion of its holdings for the first time in nearly four years. The sale consisted of 32 Bitcoins, totaling $2.5 million in proceeds.
The company’s shares have fallen 9.3% and Bitcoin has lost 6.1% since the filing was disclosed. The sale was made to fund dividend payments on its perpetual preferred stock, which has a market cap of $10.5 billion and requires roughly $100 million in monthly payments.
The sale is considered a pre-planned move, rather than a fire sale, and is not expected to have a significant impact on the company’s overall Bitcoin holdings, which total 843,706 Bitcoins.