The company disclosed that Strategy had sold 3,588 bitcoins in two instalments in recent days, a total of approximately $216 million. This is the largest reduction in the size of the company since it started buying bitcoin in 2020. After the news was released, bitcoin fell by about 2 per cent that day and the price fell around $61,000.

Total of $216 million in two transactions

According to the 8-K document, Strategy sold 1,363 bitcoins between 29 June and 30 June, with a value of approximately $80.8 million at an average price of $59,256 per item. Subsequently, the company sold 2,225 bitcoins between 1 July and 5 July, in an amount of approximately $135.2 million.

  • Total sold 3,588 bitcoins
  • Total cash pool approximately $216 million
  • For the company's biggest sale in recent years.

The company stated that the funds would be used to cover the quarterly dividends of priority shares such as STRF, STRE, STRK and STRD.

Still the largest enterprise-level bitcoin holder

Despite this reduction, Strategy remains the most publicly listed company worldwide with bitcoin. The company still holds 843,775 bitcoin and approximately $255.0 billion in cash reserves.

This means that the sale is more of a part of the company ' s financial arrangements than a complete exit from the Bitcoin hold. However, Strategy, a long-standing business regarded as a strong currency holder, suddenly made a large sale, which had a direct impact on market sentiment.

The market's focused on $59,000.

Following the news, bitcoin prices fell from close to $63,000 to close to $61,323, approaching the critical support area of $59,000. It was also mentioned that the price of bitcoin had fallen by 20 week averages, indicating that short-line sales were still under pressure.

If the price is set at $59,000, the market may have the opportunity to rebound to the vicinity of $63,600; if this position is lost, the next area of greater interest is near $49,000, corresponding to the low point in August 2024.

Additional information:Strategy's previous sale of only 32 bitcoin was significantly magnified, thus making it easier for the market to be concerned about changes in business hold.