Strategy offloaded between $104 million and $105 million worth of Bitcoin last week. The sale was executed solely to support STRC, their own preferred shares, which have been continuously pressured below the par value of $100 since mid-May.
This decision also breaks a long-standing narrative by its founder. For years, Michael Saylor championed the message of “never sell Bitcoin.” He even once suggested people sell a kidney rather than let go of Bitcoin. Now, market pressure has forced him to draw a new line.
“When I said Never Sell Bitcoin, I was speaking as a fellow saver,” Saylor said in his latest statement. “Personally, I have never sold a single satoshi. Strategy is a public company, not my personal wallet.”
Saving Shares Through Selling at a Loss
This STRC rescue move came at a high price. With the Bitcoin price sitting around $63,700, Strategy executed the sale at a loss. They also took a double step by offloading MSTR share holdings, resulting in value dilution for common shareholders.
However, the company’s financial structure remains intact. After offloading hundreds of millions of dollars worth of Bitcoin, Strategy ensured their cash reserves remain sufficient to fund company operations for the equivalent of the next 2.3 years. Beyond cash matters, they are also reportedly continuing to monitor technical indicators of Bitcoin’s 200-week moving average movement.
Why Didn’t the Price Crash?
A series of heavy selling pressures on the public market usually drags the price down. Furthermore, last week Bitcoin was hit by consecutive bad news. The market had to absorb the impact of the Coldcard hack worth over $100 million, immediately followed by the mass sell-off from Saylor’s camp.
In fact, Bitcoin’s movement remained flat in response to the pile of negative sentiments. As of August 4, the cryptocurrency stood firm at $63,700 and recorded a 1.6% increase within a 24-hour window.
When the price of Bitcoin no longer moves downward due to a series of negative news, analysts read it as a signal of market cycle maturity. This resilience provides one certainty: the panic sentiment that routinely shook previous cycles has now met a buyer structure that refuses to back down.
Reported by Decrypt.
Read also: What Is Bitcoin Halving?
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
