Bitcoin near $64,000 on Strategy sales disclosure

Strategy disclosed on Monday it had sold 1,683 Bitcoin for around $104.7 million last week

Bitcoin rose slightly on Tuesday, remaining pinned in a tight trading range as top corporate holder Strategy disclosed it had sold more of its holdings in recent weeks.

The crypto was last up 1% to $64,226.3 by 21:37 GMT.

Bitcoin was spooked by a recent high-profile hack of Canadian crypto wallet firm Coinkite’s cold wallets. Cold wallets are usually considered to be the safest place a trader can store their coins, with the hack resulting in nearly $90 million of Bitcoin being stolen, data showed.

Strategy disclosed on Monday it had sold 1,683 Bitcoin for around $104.7 million last week.

The sales marked the third such move by the top corporate holder, bringing its total down to 842,138 coins as of Tuesday.

The sales were disclosed just days after Strategy released a massive, bigger-than-expected loss in its second quarter earnings. The loss stemmed chiefly from unrealized losses on Strategy’s Bitcoin holdings, given that its average purchase price stands at $75,419 per coin, well above Bitcoin’s current spot price.

Underwhelming earnings from crypto exchange Coinbase Global also dented sentiment towards the sector.

BlackRock on Tuesday introduced its first tokenized fund access in Europe, issuing onchain share classes on the Ethereum blockchain in partnership with Kinexys, JPMorgan’s blockchain unit.

The offering spans select funds in BlackRock’s Institutional Cash Series money market lineup, which together held $311 billion in assets as of June 30.

Kinexys’ tokenization platform serves as a bridge between blockchain activity and the funds’ conventional recordkeeping systems. Each token corresponds to a share of the underlying ICS fund, but the official shareholder register remains with the fund’s transfer agent, as it would for a traditional holding.

The tokens allow approved investors to transfer holdings directly between wallets around the clock via smart contracts, while still delivering the yield of a money market fund and giving investors near real-time visibility into their positions onchain.