MicroStrategy offloaded 1,638 Bitcoin last week, pocketing roughly $104.7 million at prices around $63,957 per coin. The sale marks the third time this year the corporate crypto giant has stepped back from its famous accumulation playbook, swapping digital assets for cold hard cash.
The Virginia firm needed the money for two things: preferred dividends and a growing war chest. About $52.4 million went straight to shareholders holding preferred stock. Another $52.3 million funded buybacks of MicroStrategy's own shares. The remainder, combined with $290.6 million raised from selling 3 million Class A shares, pushed the company's dollar reserve to exactly $4 billion.
The math doesn't look great
Here's where it stings. MicroStrategy paid an average of nearly $75,500 per Bitcoin to build its hoard. Now it's selling at $63,957, locking in losses of roughly $11,500 per coin across this batch. The company still holds 842,133 Bitcoin, but that gap between purchase price and current sale price keeps widening with each dump.
CEO Michael Saylor insists this isn't a retreat from crypto. He's calling it "balance-sheet strength," a way to fund shareholder returns without tapping debt markets. Whether investors buy that narrative is another question. Previous Bitcoin liquidations have sparked similar debates about the company's true conviction in its Bitcoin thesis.
Cash pile grows while conviction wavers
The $4 billion cash reserve signals MicroStrategy is preparing for something. Expansion, acquisitions, or just riding out volatility. Saylor has been vocal about the firm's dollar holdings lately, treating them almost as a separate strategic asset class. For a company that built its identity around Bitcoin accumulation, this shift feels notable. The company went an entire week without announcing any new Bitcoin purchases, a rarity in recent months.
This article is informational only and should not be construed as investment advice. Cryptocurrency markets are volatile and past performance does not guarantee future results.
