🚨 Strategy just sold Bitcoin at a loss for the first time.
For years, the narrative was simple: buy Bitcoin and never sell. That just changed.
Between June 29 and July 5, Strategy sold 3,588 BTC for around $216M, averaging ~$60.2K per BTC—well below its average purchase price of ~$75.5K, locking in an estimated $55M loss.
Despite still holding 843,775 BTC and $2.55B in cash, the company chose to sell Bitcoin instead of using its cash reserves.
Why?
Its mNAV (market value relative to its Bitcoin holdings) dropped below 1.0, making it unattractive to issue new shares to fund additional BTC purchases. That weakens the company's long-running "raise capital → buy BTC → repeat" strategy.
Looking ahead:
• Up to $1.25B in BTC sales may be used to cover debt and preferred dividends.
• Preferred dividend increased to 12%.
• Up to $2B in share buybacks were authorized.
Meanwhile, demand remains healthy:
📈 Spot Bitcoin ETFs recorded $223.5M in net inflows after a 10-day outflow streak.
💰 BTC briefly dipped on the news before recovering.
The takeaway? This doesn't necessarily signal the end of institutional Bitcoin accumulation—but it does show that even the biggest holders sometimes need to prioritize balance-sheet management over the "never sell" philosophy.
What do you think? Is this a warning sign, or simply smart financial management?
#MicroStrategy $MSTR $BTC