MSTR Discloses Sale of 3,588 Bitcoins, Stock Price Drops Over 5% at One Point During Trading
MicroStrategy, the world's largest corporate holder of Bitcoin, has significantly shifted its business model. Between June 29 and July 5, the company sold 3,588 bitcoins for approximately $216 million to fund quarterly dividends for its preferred stock. This marks its largest-ever Bitcoin sale and signals a strategic pivot: Bitcoin is transitioning from a "buy-and-hold" reserve asset to a liquidity management tool for the company.
This move follows a recent authorization allowing Bitcoin sales when equity fundraising is less attractive. The announcement contributed to a more than 5% intraday drop in MicroStrategy's stock price, while Bitcoin fell to around $61,800—below the company's average holding cost of roughly $75,700.
The sale represents a major departure from MicroStrategy's long-standing "never sell" commitment, which saw its first minor breach in May with a $2.5 million sale. The latest, hundred-times-larger transaction underscores growing financial pressures. Analysts note the company faces about $1.5 billion in annual preferred dividend obligations, far exceeding cash flow from its software business.
As of July 5, MicroStrategy holds 843,775 bitcoins. Its current operational logic involves buying Bitcoin during favorable financing conditions and selling portions to cover dividends when needed, creating a flexible capital management cycle amidst a challenging market environment.
华尔街日报07/06 16:07
