Bitcoin Drops Below $70,000 After Strategy Sells 32 BTC for Dividend Payments
By
Siladitya Ray
4d ago· 2 min readenNews
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Summary
Bitcoin fell below $70,000 for the first time since April after Strategy (formerly MicroStrategy), the largest institutional holder of Bitcoin, disclosed it sold 32 bitcoins in late May for about $2.5 million to pay stockholder dividends. The sale, only the second time the company has sold a portion of its Bitcoin holdings since 2022, caused Strategy's stock to drop 5.85%. Despite the sale, the company continues to hold a massive Bitcoin reserve.
Key quotes
· 3 pulledStrategy (formerly known as MicroStrategy) announced it had sold 32 bitcoins in the last week of May to raise about $2.5 million to pay dividends to stockholders.
The average sale price for the tokens was around $77,135 per bitcoin.
This is only the second time the company has sold a portion of its Bitcoin holdings, with the last such sale taking place in December 2022.
The price of the world’s most valuable cryptocurrency slumped after its biggest institutional holder disclosed a sale for the first time since 2022.
