Michael Saylor weeks ago teased that it was coming, but the news for the moment is shocking already depressed crypto markets even further.
Strategy (MSTR) in a Monday morning filing disclosed the sale of 32 bitcoin for $2.5 million. The amount is a rounding error compared to the 840,000-plus BTC held by the company, but it's nevertheless significant, suggesting even larger sales down the road as Strategy looks to fund dividend payments on its high-yielding preferred stock STRC.
Bitcoin has slipped just below $72,000 on the news, down nearly 3% over the past 24 hours. MSTR shares are lower by 5.15% premarket. U.S. stocks, meanwhile. are set to add to record highs hit last week, with futures on all three major indices in the green.
Importantly, it's not the first time Saylor and team have sold some of their stack. The company near the bottom of the 2022 bear market sold 704 bitcoin at about $18,000 each.
Bitcoin bulls can only hope the current sales again might be marking a significant bottoming in prices.