Strategy Chairman Michael Saylor announced that between June 29 and July 5, the company sold 3,588 BTC for approximately $216 M. The proceeds will be used to pay quarterly dividends on STRF, STRE, STRK, and STRD, as well as the monthly STRC payment for June.
Bitcoin reacted immediately with a sharp decline. After Saylor's announcement, the price fell below $63,000 and was trading at around $61,655 at the time of publication. Long liquidations exceeded $78 M.
The company said that selling part of its Bitcoin reserves allowed it to meet its obligations to holders of its digital debt instruments without issuing additional shares or reducing its cash reserves.
The sale marked the first major use of Strategy's Bitcoin monetization program with a capacity of up to $1.25 B, which the company had approved earlier. The average selling price was approximately $60,200 per BTC, which is below the average purchase price of the company's overall Bitcoin holdings.
Strategy remains the largest publicly traded corporate holder of Bitcoin. As of July 5, the company held 843,775 BTC on its balance sheet, while its cash position stood at $2.55 B.
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