Strategy Just Unveiled a Brand-New Approach to Bitcoin. Is the World's Biggest Bitcoin Treasury Company in Trouble?
Why buy a Bitcoin treasury company when you can simply buy Bitcoin?
Overview
The company that famously told investors "Never sell your Bitcoin (CRYPTO: BTC)" is now selling its Bitcoin. After announcing a brand-new approach to Bitcoin on June 29, Michael Saylor's Strategy (NASDAQ: MSTR), formerly known as MicroStrategy, announced the massive sale of 3,558 BTC at a total price of $216 million.
Strategy has done its very best to convince investors that all this is being done to bolster long-term shareholder value and to put the company on a much stronger financial footing. But it's hard not to see that the wheels are coming off the Bitcoin treasury company wagon.
Details
Strategy famously created the notion of the Bitcoin treasury company, and that's why its decision to sell some of its Bitcoin has been so highly debated. If a company set up solely to accumulate Bitcoin is now selling some of it, is the Bitcoin treasury company business model broken?
Source
Originally published at www.fool.com.