Key facts
- MicroStrategy sold 1,690 Bitcoin for $108.6 million last week.
- The average sale price was $64,262, below its cost basis.
- MicroStrategy's Bitcoin holdings are now 840,447 coins.
- Proceeds were used for preferred stock buybacks.
- The company sold $653.1 million of its common stock, increasing cash reserves to $4.65 billion.
- Bitcoin ETFs saw $145 million in net outflows on Monday.
MicroStrategy has continued its strategy of selling Bitcoin for a third consecutive week, offloading 1,690 coins for approximately $108.6 million. The average sale price was $64,262, resulting in a loss relative to its cost basis. These proceeds are being used to repurchase the company's preferred stock, STRC. In parallel, MicroStrategy sold over $653 million of its common stock, significantly increasing its cash reserves to $4.65 billion. This move provides substantial runway to cover preferred dividends and debt interest without further asset sales. Despite ongoing dilution and coin sales, MicroStrategy's stock (MSTR) has shown resilience, rebounding from recent lows.
In broader market movements, crypto majors were slightly down, with Bitcoin trading around $64.4k and Ethereum at $1,893. Bitcoin ETFs experienced net outflows of $145 million on Monday, breaking a five-day streak of inflows, while Ethereum ETFs saw $15 million in outflows. Among altcoins, Chainlink (LINK) received a $200 price target by 2030 from Standard Chartered, citing growth in tokenized assets and DeFi. Tether's USDT supply has decreased by $4 billion over the past 60 days. Coinbase launched derivatives trading in the UK for eligible retail traders, offering up to 50x leverage.
Other notable developments include BlackRock reducing the in-kind conversion amount for its Bitcoin ETF (IBIT) to $1 million. Ethereum's co-founder Vitalik Buterin outlined an updated roadmap for the network, emphasizing quantum security and AI. Tom Lee's BitMine reportedly purchased $14 million worth of Ethereum.