Strategy has once again moved the cryptocurrency market by announcing the sale of 3.588 Bitcoins (BTC), a transaction that raised approximately US$ 216,3 million. According to the company, the funds will be used to finance preferred dividends and strengthen its reserves through the Bitcoin Monetization Program.
Even after the sale, the company remains the largest corporate holder of Bitcoin in the market, with 843.775 BTC in cash. The average acquisition cost is about US$ 75.476 per unit, while Bitcoin was trading near US$ 63.478 at the time of the announcement.
The transaction sparked criticism from Peter Schiff, an economist known for defending gold and questioning the company’s strategy of holding large Bitcoin reserves. In a post on the X network, he said that the sale took place below the company’s average purchase price.
“MSTR has spent the last two weeks selling bitcoins. The average price of the 3.588 bitcoins sold was US$ 60.196,73.”
Then, Schiff calculated the financial impact of the operation.
“Considering MSTR’s average cost, this represents a realized loss of about US$ 15 thousand per bitcoin, or about US$ 54 million. With more than 840 thousand bitcoins still to be sold, total losses will be much higher.”
The Bitcoin Monetization Program allows Strategy to use part of its reserves to raise funds intended for dividend payments, debt reduction, share buybacks, and other financial needs. The policy, however, does not require the company to carry out new sales.
For Schiff, this change represents a shift in the model adopted by the company.
“MSTR now has a completely different business model.”
He added:
“Instead of selling common and preferred shares and issuing debt to buy bitcoins, the new strategy is to sell bitcoins to pay interest and dividends, clear debts, repurchase the shares it sold, and hope that the price of bitcoin rises a lot.”