June began, and with it the decline in the price of Bitcoin, which was trading at around $74,000 on June 1 and now stands at $62,407.74, down 6.81% in just one day.
When Bitcoin’s price breached the $63,000 price level, Michael Saylor turned to X to tease again said,
Get to work
Same teasing, different chatter
Interestingly enough, Saylor has teased this phrase before. The next thing he did after making such tweets was to buy and add more Bitcoin [BTC] to Strategy’s stock.
However, currently there are persistent rumors that Strategy may sell more Bitcoin, so this time things seem a little different.
Moreover, the rumors increased after the sale of 32 Bitcoins for approximately $2.5 million between May 26 and 31.
The last time this sell-off occurred was in December 2022, when Strategy sold 704 Bitcoin for tax-loss harvesting and bought back 810 Bitcoin a few days later.
Here it is important to note that the sale is not huge this time either, and Strategy still has 843,706 Bitcoin.
However, MSTR stock, which fell 7.01% the day before to trade at $126.55, is raising concerns. At the same time, the community became more active after Adam Livingston, the Bitcoin Wizard, pointed out,
If Strategy sells MSTR to pay the dividend, it’s a Ponzi.
The community follows Saylor’s every move
According to Livingston, those who oppose Strategy’s Bitcoin-focused business model appear to have a negative opinion of each option.
Opponents view any action as an indication of failure, ranging from a “Ponzi scheme” to a “death spiral” or shareholder dilution.
This is regardless of whether the company issues new securities to buy more Bitcoin, sells its shares to pay dividends, liquidates Bitcoin holdings, or uses its cash reserves to pay down debt.
Final summary
- Michael Saylor makes another tease about X, but another Bitcoin purchase looks risky this time.
- By selling 32 BTC, Strategy’s BTC supply fell slightly to 843,706 Bitcoin.