Strategy dipped into its bitcoin reserves on a large scale for the first time, selling 3,588 BTC for approximately $216 million. Despite this being Michael Saylor’s company’s historically largest sale, the market quickly absorbed the pressure and bitcoin bounced back above key levels after a brief dip.
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Strategy sold bitcoin below its purchase price
Strategy announced in a filing with the U.S. SEC that it sold a total of 3,588 bitcoins between June 29 and July 5. The sale took place in two waves: first 1,363 BTC at an average price of $59,256, followed by another 2,225 BTC at an average of $60,773.
The overall average selling price was around $60,201 per bitcoin, significantly below Strategy’s average purchase price of $75,651. The company thus sold part of its reserves at a loss, which is an exceptionally watched moment for a company long known for its strategy of accumulating BTC.
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Bitcoin withstood the pressure, attention shifts to the Fed
The initial market reaction was nervous, and bitcoin fell below $62,000 shortly after the news was released, dropping to $61,300 at its lowest point. However, the sell-off quickly lost momentum and the price returned above $64,000 during Monday, indicating that buyers remain active at lower levels.
Market stability was also supported by futures, spot purchases, and calming in derivatives markets. Meanwhile, Strategy still holds 843,775 BTC and has the option to sell additional bitcoins worth up to $1.25 billion in the future, so the risk of further sales has not disappeared. The short-term market direction may now also be influenced by the minutes from the Fed’s June meeting, which will reveal how the central bank is thinking about future interest rate developments.
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