MicroStrategy sold bitcoin for the first time since it began to hold the asset on its corporate balance sheet, liquidating 704 bitcoin worth $11.8 million at the time of sale, according to a Form 8-K filing on Wednesday.

"MicroStrategy plans to carry back the capital losses resulting from this transaction against previous capital gains, to the extent such carrybacks are available under the federal income tax laws currently, in effect," the company said in the filing.

MicroStrategy now owns about 132,500 bitcoin acquired at an average price of $30,397. The company began holding the asset on its balance sheet in August 2020.

The company has sold about $46.4 million of shares out of a previously announced plan to sell up to $500 million in Class A common stock that it can use to increase its bitcoin holdings, according to the Dec. 28 filing.