MSTR shares drop 4.6% as Strategy sells over 3,588 BTC

Strategy Inc., the Bitcoin-heavy software company led by Michael Saylor, finally hit the sell button, offloading 3,588 BTC for about $216 million between June 29 and July 5, the company disclosed in a Form 8-K.

• The sale came just one week after Strategy announced a BTC Monetization Program, under which it may sell Bitcoin from time to time to generate up to $1.25 billion in additional proceeds for its dollar reserve.
• Strategy said the full $1.25 billion capacity remained available as of July 5, even after the Bitcoin sale.
• Amid the news, Strategy's shares MSTR dropped 4.6%, per data from Google Finance.

The first sale came between June 29 and June 30, when Strategy sold 1,363 BTC for $80.8 million at an average price of $59,256. As of June 30, it held 846,000 BTC, bought for an aggregate $63.9 billion at an average purchase price of $75,578.

The second sale came between July 1 and July 5, when Strategy sold another 2,225 BTC for $135.2 million at an average price of $60,773. As of July 5, Strategy held 843,775 BTC, bought for an aggregate $63.69 billion at an average purchase price of $75,476.

Strategy added it had more than $8.3 billion loss on its crypto holdings for the quarter ended June 30, including more than $8.3 billion in unrealized losses.

But the selling may not have stopped there. As Kairos Research noted in an X post on July 6, the same wallet cluster it believes matched Strategy's disclosed sales appeared to move another 513 BTC, worth about $31 million, after the July 5 cutoff for the latest filing, with 451.9 BTC reportedly going to Galaxy Digital and 61.7 BTC to Coinbase.

• The wallets are not publicly tagged to Strategy, so the attribution is still unconfirmed, but Kairos said the timing, route and size line up with the company's earlier sale pattern.

The company also didn't sell any shares under its at-the-market offering program during the same period, and didn't buy back any shares under its repurchase programs.