For years, one of the most powerful narratives in the cryptocurrency market wasn’t Bitcoin (CRYPTO:BTC) itself. It was the idea that Michael Saylor’s Strategy (NASDAQ:MSTR | MSTR Price Prediction) could buy Bitcoin indefinitely and never sell a single coin. The company transformed itself into the world’s largest corporate Bitcoin holder and became a leveraged proxy for investors who wanted exposure to the cryptocurrency.
But what happens when a company built on “never sell” finally sells?
That question became very real after Strategy disclosed in a June 1 SEC filing that it sold 32 Bitcoin at an average price of $77,135 per coin to help meet obligations tied to its preferred stock. The transaction was tiny relative to its…