MSTR Stock Falls After Strategy Sells Bitcoin For First Time In Nearly Three Years

Michael Saylor and CEO Phong Le said in an interview last month that selling Bitcoin could help maximize Bitcoin-per-share over the long term.

• Strategy announced on Monday that it sold 32 Bitcoin during the past week, marking its first Bitcoin sale since December 2022.
• MSTR shares fell more than 5% in premarket trade following the announcement.
• Bitcoin dropped below $72,000 and was down roughly 2.5% over the previous 24 hours.

Shares of Strategy (MSTR) plummeted in pre-market trade on Monday after the Michael Saylor-backed company announced it had sold 32 Bitcoin (BTC) over the past week, marking its first-ever sale since 2022.

MSTR’s stock fell more than 5% in pre-market trade. Retail sentiment on Stocktwits around the Bitcoin proxy trended in ‘bearish’ territory over the past day, accompanied by ‘normal’ levels of chatter.

The news of the sale pushed Bitcoin’s price below $72,000, down 2.5% in the last 24 hours. Retail sentiment around the apex cryptocurrency on Stocktwits trended in ‘extremely bearish’ territory over the past day, alongside ‘normal’ levels of chatter.

The company has only ever sold Bitcoin once in its history, in December 2022, when it  sold 704 BTC for around $11.8 million. At the time, Saylor said the sale was to generate tax benefits. This time around, he said it is to maximize Bitcoin-per-share.