One month that shook the market: Saylor's struggles over bitcoin strategy yields big losses
Strategy, the largest corporate holder of bitcoin, has faced significant financial pressure, reporting an $8.32 billion loss on its holdings in the second quarter. The company has shifted its approach, selling bitcoin to protect dividends on its preferred stock as market volatility continues.
The bottom line thus far has been a dramatic decline in the price of bitcoin from $74,000 in late May — when Strategy sold a tiny 32 bitcoin — to below $58,000 last week. A bounce back to about the $64,000 over the July 4 weekend was cut short Monday by the sale of 3,558 bitcoin. In between, Michael Saylor and team purchased 3,657 bitcoin at sizably highger prices.
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