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Bitcoin drops below $60K, its lowest level since October 2024. The decline follows a record streak of bitcoin ETF outflows. Strategy's bitcoin sale triggered the sell-off. The drop caps a bruising week for crypto investors.
Michael Saylor sold 32 Bitcoins worth $2.5 million from Strategy's holdings, which now total 843,706 Bitcoins worth $51.6 billion. Strategy paid an average price of $63,867 per Bitcoin, higher than its current price. Saylor expects Bitcoin's value to soar to $21 million over two decades, but sold some to fund dividend payments.
Strategy stock fell 28% this week after the company broke its own rules and sold some Bitcoin to finance dividend payments. The company traded in line with lower Bitcoin prices, which has fallen to $59,000. Strategy has around 4% of the world's Bitcoin on its balance sheet, valued at approximately $51.3 billion. The company has unrealized losses of around $10 billion on its Bitcoin holdings.
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