Key Points

• Strategy sold 32 bitcoins between May 26 and May 31, prompting speculation about whether the company could make additional bitcoin sales in the future.
• During the company’s latest earnings call, Executive Chair Michael Saylor identified tax-loss harvesting and normalizing asset sales in the eyes of investors as potential reasons to sell bitcoin.
• Strategy remains a high-risk way to gain exposure to bitcoin because its use of financial leverage can amplify both gains and losses relative to the cryptocurrency itself.