Strategy Ends Bitcoin Buying Streak With Rare Sale—How Much Did It Sell?

Bitcoin treasury company Strategy has made its first BTC sale since 2022, putting an end to a 3.5-year phase of only accumulation.

In the SEC filing, Strategy noted that proceeds from the BTC sale are expected to be used to fund distributions, suggesting that it’s the sale Saylor hinted at. The firm parted with these tokens for a total of $2.5 million, coming down to an average of $77,135 per BTC.

While the new sale is an extraordinary event, it’s not without precedent. Back in December 2022, Strategy sold 704 BTC for tax-loss harvesting as BTC traded at the lowest levels of that year’s bear market. Shortly after, the firm bought back more of the asset than it had distributed. As such, it only remains to be seen what Strategy will do going forward this time.

Following the latest Bitcoin sale, the treasury company’s stack has shrunken to 843,706 BTC. The firm spent $63.87 billion to assemble these reserves, putting an average cost basis per coin at $75,699. The recent market decline has taken the cryptocurrency’s price below this mark, meaning that Saylor’s firm is in the red right now.

After this new acquisition, the company’s Ethereum reserves have reached the 5.42 million ETH mark, corresponding to 4.49% of the asset’s total supply in circulation. Bitmine has set a goal of 5% of the ETH supply, so at the current figure, the firm is 90% on its way to the target.

The market has reacted negatively to the sale of the Strategy sale as the Bitcoin spot price has slumped to $71,400.