Strategy offloaded 1,638 bitcoin last week for $105 million, trimming its hoard to 842,138 coins and shifting from pure accumulation to active cash management. The company is now tracking bitcoin's 200-week moving average on its website, a move that signals something has fundamentally changed in Michael Saylor's decade-old conviction.
For four years the thesis held firm. Buy, accumulate, never sell. From August 2020 onward, Strategy piled in through cash purchases, convertible bonds, and stock offerings. Saylor told Bloomberg in February 2024 he had no plans to sell any bitcoin. That script has flipped. The sales aren't massive relative to holdings, but they matter symbolically. A company that marketed itself as the world's largest corporate bitcoin holder is now reducing position while building a $4 billion USD war chest.
Here's the math that hurts. Strategy bought 842,138 coins at an average of $75,419 each, spending $63.51 billion total. Bitcoin trades near $63,000 now. That's a $10.4 billion unrealized loss, or $12,400 per coin underwater. The company is selling at a realized loss on recent acquisitions.
Alongside the bitcoin sales, Strategy raised $290.6 million from share offerings and spent $81.2 million buying back preferred shares. The USD reserve jumped to $4 billion after a $250 million cash injection last week. This isn't a fire sale. It's a deliberate rebalancing toward liquidity, which reads less like conviction and more like hedging.
The 200-week moving average sits around $63,770, the level bitcoin is currently testing. Strategy broadcasting this metric on its website is the clearest admission yet that the company is no longer indifferent to price. You don't track technical levels unless you're thinking about exits.
This material is informational and does not constitute financial advice. Past performance and corporate treasury strategies carry no guarantee of future results.
