MicroStrategy Breaks Three-Year Streak of Not Selling Bitcoins

MicroStrategy's decision to sell 32 Bitcoins (BTC) worth $2.5 million between May 26 and May 31 has sent shockwaves across the cryptocurrency market. This move marks a significant departure from the company's three-year streak of not selling its Bitcoin holdings.

The sale represents only a small fraction of MicroStrategy's massive holdings, which currently stand at 843,706 BTC, purchased at an average cost basis of $75,699 per coin. The sold amount accounts for roughly 0.0038% of the company's total Bitcoin treasury, making it an operationally insignificant portion.

The proceeds from the sale will be used to fund distributions on MicroStrategy's preferred stock. This development comes amidst a decline in Bitcoin prices, which fell to a seven-week low on Monday due to rising oil prices and geopolitical tensions.