Bitcoin ETFs Experience Broad Declines as Strategy Abandons Longstanding No-Sale Policy, Holdings Represent Nearly 4% of Total Supply

Stock News05-08 14:39

Bitcoin-related exchange-traded funds (ETFs) saw widespread price drops. At the time of writing, Harvest Bitcoin ETF (03179) fell 3.33% to HK$5.375; ChinaAMC Ethereum ETF (03046) dropped 3.16% to HK$5.365; Bosera Ethereum ETF (03009) declined 3.03% to HK$1.73; and ChinaAMC Bitcoin ETF (03042) decreased 2.81% to HK$9.67.

The market movement follows recent comments from Strategy's President and CEO Phong Le, who indicated that selling Bitcoin for U.S. dollars or using it to repay debt is under consideration if such actions enhance the per-share Bitcoin value. This marks the first public shift from the company's "never sell" principle originally established by its founder and Chairman Michael Saylor.

As of the end of the first quarter, Strategy holds 818,334 Bitcoins, accounting for nearly 4% of the total Bitcoin supply.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment