Saylor’s Strategy Announces It May Sell $1.25B Bitcoin

Almost a month after Michael Saylor’s Strategy helped push bitcoin down about 20% in a week by selling just 32 bitcoins for $2.5 million, the company announced it may sell far more aggressively. In an 8-K filing with the U.S. Securities and Exchange Commission, Strategy on June 29 announced its Digital Credit Capital Framework, allowing it to sell as much as $1.25 billion worth of bitcoin to build its cash reserve, pay dividends, and fund stock buybacks. Despite that, Strategy plans to maintain its long-term strategy of aggressively building its bitcoin treasury, currently at 847,363 BTC. While the sale of 32 bitcoins represented just 0.004% of its holdings, the shock…