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Strategy Inc., the company formerly known as MicroStrategy and the largest corporate holder of Bitcoin on the planet, sold 32 BTC between May 26 and May 31. The sale netted approximately $2.5 million at an average price of $77,135 per coin.
That’s roughly 0.0038% of the company’s total Bitcoin stash. And yet, the market flinched.
MSTR shares dropped about 6% after a SEC 8-K filing on June 1 disclosed the transaction. Bitcoin’s price also dipped in the short term, though broader market pressures were already in play.
Why Strategy sold, and why it matters
The proceeds from the 32 BTC sale went toward covering distributions on STRC, the company’s perpetual preferred stock.
This is the first time Strategy has been a net seller of Bitcoin since a tax-loss harvesting transaction back in 2022.
During the Q1 2026 earnings call, Executive Chairman Michael Saylor and CEO Phong Le both hinted at the possibility of limited Bitcoin sales to meet dividend obligations.
Strategy still holds approximately 843,706 BTC, acquired at an average cost basis of $75,699. The sale price of $77,135 per coin means the company sold above its average acquisition cost.
The bigger financial picture
While selling 32 Bitcoin grabbed headlines, Strategy was simultaneously doing the opposite on a much larger scale. The company raised $128.3 million through at-the-market common stock sales during the same period, pushing its cash reserves to $900 million.
At current prices, Strategy’s 843,706 BTC treasury is worth north of $65 billion. The $2.5 million sale is what you’d find between the couch cushions of a holding that size.
What this means for investors
The 6% decline in MSTR shares looks like an overreaction when you consider the scale of the sale relative to total holdings.
The real question investors should be asking is whether dividend obligations on STRC will require increasingly frequent Bitcoin sales going forward. If Strategy continues raising capital through equity sales and maintains $900 million in cash reserves, the preferred stock dividends are a known, recurring cost, and the company has multiple funding mechanisms beyond selling Bitcoin to cover them.
The company’s average cost basis of $75,699 per BTC still sits below the current sale price, meaning the overall position remains profitable. And with $900 million in cash on hand, the next move is far more likely to be a purchase than another sale.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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