MicroStrategy has sold Bitcoin for the first time in years, sparking market backlash. The company sold 32 BTC for roughly $2.5 million, after which Bitcoin’s price fell nearly 15%. Chairman Michael Saylor defended the sale, stating he never promised the company wouldn’t sell. Despite the controversy, MicroStrategy has continued its accumulation strategy, recently purchasing an additional 1,550 BTC.
MicroStrategy sold 32 Bitcoin for about $2.5 million between May 26 and May 31. This was the company’s first sale in years, executed at an average price of $77,135 per BTC.
Following the disclosure, Bitcoin’s price dropped nearly 15%. MicroStrategy stock also fell by 24% over the same period.
Chairman Michael Saylor defended the move at the BTC Prague conference. “I said to you never sell your Bitcoin. I never said the company wouldn’t sell Bitcoin,” he stated.
Saylor noted the company’s disclosures have always stated it could sell Bitcoin if necessary. The sale occurred at a price slightly above the firm’s average acquisition cost of $75,699 per coin.
The action drew criticism from figures like Jim Cramer, who tweeted “Saylor murdered Bitcoin.” Saylor had previously blamed market weakness on excitement around AI stocks.
This explanation was rejected by Arca Chief Investment Officer Jeff Dorman. In a note, Dorman described the selling pressure as “clearly due to the Saylor/MSTR news.”
Despite the controversy, MicroStrategy has resumed buying Bitcoin. The company recently purchased an additional 1,550 BTC for just over $100 million.
Its total holdings now stand at 845,256 BTC. The company’s average purchase price remains $75,680 per Bitcoin.
