MicroStrategy (MSTR) sold 32 Bitcoin (BTC) for approximately $2.5 million, marking the company’s first BTC sale since December 2022, and the shares fell 6% to around $150.
Coinbase (COIN) stock declined 5% to $179.50 as the company’s revenue depends on crypto trading volumes.
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Shares of Strategy (NASDAQ:MSTR) are down 6% in early Monday trading, while Coinbase (NASDAQ:COIN) shares are off 5%. The selloff follows a weekend SEC filing showing Strategy executed its first Bitcoin sale since December 2022.
MSTR stock is trading near $150 after closing Friday at $159.09, while COIN stock is hovering around $179.50 from a Friday close of $189.03. The moves cap a brutal stretch for both names, with MSTR stock down 60% over the past year and COIN stock down 28%.
Bitcoin is the centerpiece of today’s story. Bitcoin (CRYPTO:BTC) is trading below $72,000, down 3% over the past 24 hours and 32% over the past year.
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Saylor’s Symbolic Sale Sparks Selloff
Per Strategy’s SEC filing reported as by Stocktwits and CryptoProwl, the company sold 32 Bitcoin between May 26 and May 31 for approximately $2.5 million. That marks the first Strategy Bitcoin sale since December 2022, when Strategy/MicroStrategy unloaded 704 BTC for about $11.8 million.
The nuance matters. The 32 BTC sold represents a tiny fraction of Strategy’s 843,706 BTC stack, and Strategy Executive Chairman Michael Saylor stated that the goal is to “maximize Bitcoin-per-share.” Strategy CEO Phong Le indicated that the sales will be executed at cost basis to break even and avoid tax implications, with the proceeds funding preferred dividends including the STRC 12% yield.
Strategy also sold 801,994 MSTR common shares for about $128.3 million during the same period. Yet, the optics of any Bitcoin sale from Saylor, who spent years insisting he would never sell, are clearly weighing on sentiment across crypto-linked equities.
Cuban Exits, Tom Lee Calls It Rage Quitting
Adding to the narrative, Mark Cuban disclosed he sold all his Bitcoin, arguing it failed as an inflation hedge and that gold proved the better bet. That headline collided with the Strategy filing to amplify the broader crypto rotation story.
On CNBC’s SquawkBox, Fundstrat’s Tom Lee pushed back on the bearish read. Lee called the current move “rage quitting” and described it as “a classic market bottom” and “what always happens at the end of crypto winter.”
Story Continues