MicroStrategy Breaks Never-Sell Policy With 32 BTC Sale
MicroStrategy sold 32 Bitcoin last week — its first sale since adopting a never-sell policy — and MSTR shares fell about 6.5% at the open.
MicroStrategy sold 32 Bitcoin last week, the company’s first sale since adopting a never-sell policy for its bitcoin holdings. MicroStrategy’s Nasdaq-listed shares opened about 6.5% lower before trimming losses later in the trading session. The firm is based in Tysons Corner, Virginia.
The transaction was disclosed by MicroStrategy and represents a small portion of its total bitcoin holdings. Company executives described the sale as intended to support STRC, a yield-bearing preferred stock that pays income backed by the company’s bitcoin reserves.
Executive chairman Michael Saylor wrote on social media that the sale aimed to bolster shareholder value and improve the company’s bitcoin-per-share metric, which measures how much BTC backs each fully diluted share. CEO Phong Le said selling near the company’s cost basis could reduce potential tax liabilities linked to STRC. StrategyTracker.com reports MicroStrategy’s average cost per bitcoin at about $75,701.
In a commentary, digital asset research firm Delphi Digital wrote: “The market learned that Strategy is no longer read as a pure one-way accumulation vehicle.” Delphi added that investors may now factor preferred-share dividends, market-to-bitcoin net asset value dynamics, equity issuance and other balance-sheet considerations when valuing the company.
MicroStrategy remains the world’s largest corporate bitcoin holder, with more than 843,000 BTC on its balance sheet, according to BitcoinTreasuries.NET. The 32-BTC sale does not materially change the size of the company’s total holdings.
MicroStrategy has not announced any change to its long-term accumulation policy. Company statements described the transaction as a targeted capital-management action to support STRC and adjust tax and per-share metrics.
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