Strategy Sells $105 Million of BTC - Six Weeks With No BTC Purchase

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Strategy (formerly MicroStrategy) has announced the sale of 1,638 BTC for approximately $105 million, according to a recent 8-K filing with the SEC. This latest liquidation comes as Michael Saylor’s firm marks its sixth consecutive week without acquiring any new Bitcoin, continuing a pivot away from its historic accumulation strategy.

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Why is Strategy Selling?

This transaction follows a liquidation of 3,588 BTC last month, and an earlier sale of just 32 BTC in May. Strategy uses debt instruments to finance its massive Bitcoin treasury. With some of those obligations reaching maturity, the firm is using its newly established Digital Credit Capital Framework to restructure its capital.

Proceeds from this 1,638 BTC sale are expected to fund dividend payments on Strategy’s preferred stock classes (including STRC, STRK, STRD, STRF, and STRE) and pay for re-purchases of STRC. Strategy’s fiat liquidity recently climbed past the $3.75 billion mark. 

The average sale price for this recent batch of Bitcoin was approximately $64K, which remains notably lower than the firm's overall average purchase price of $75,419.

Tracking Strategy on Arkham

Despite offloading a portion of its reserves and now sitting on a $10.9 billion paper loss, Strategy remains a juggernaut in the crypto treasury space. It is still one of the largest corporate holders of Bitcoin globally, and one of the largest crypto-holding entities in the world. This recent $105 million sale represents a small fraction of its total portfolio.

Using Arkham, traders and analysts can trace the flow of these assets before official filings even hit the market. On-chain data allows you to verify exchange flows and monitor corporate treasury wallets in real-time. You can track all of Strategy's holdings, monitor their Fidelity Custody transfers, and set custom transaction alerts on their de-anonymized entity page here: https://arkm.com/explorer/entity/microstrategy.