Strategy records largest Bitcoin sale, offloading 3,588 BTC for $216 million
Michael Saylor's July 12 orange-dot chart has become a closely watched signal for Strategy's next Bitcoin move, but recent sales have made its meaning less certain.
Strategy's recent Bitcoin sales have complicated a market ritual that many investors use to gauge the company's next move. Michael Saylor posted the company's widely watched orange-dot accumulation chart on July 12, a graphic that has often preceded Strategy Bitcoin purchase announcements, but the signal is now less straightforward after the company sold 3,588 BTC for $216 million during June 29-July 5 to support preferred stock obligations and strengthen U.S. dollar reserves. The chart shows 113 purchase events, total holdings of 843,775 BTC, an aggregate purchase value of about $63.69 billion and an average acquisition price of roughly $75,476 per Bitcoin. Strategy had also disclosed an earlier sale of 32 BTC between May 26 and May 31 at an average price of $77,135 per Bitcoin for about $2.5 million, before later resuming purchases. Its latest dashboard values the 843,775 BTC at about $53.991 billion using a displayed Bitcoin price of $63,988, and also shows a $35.17 billion market capitalization for MSTR, $54.838 billion enterprise value, a 1.02 mNAV ratio, $2.55 billion in U.S. dollar reserves, $6.754 billion in debt and $15.464 billion in preferred stock value.
- enterprise value: A measure of a company's total value that includes market capitalization and debt, adjusted for cash or reserves.
- mNAV ratio: A metric comparing a company's market value with the value of its net assets, often used by investors assessing treasury-heavy firms.
- preferred stock obligations: Required payments or commitments linked to a company's preferred shares.