Strategy sold 32 Bitcoin for the first time since 2022 to help fund distributions tied to its STRC preferred stock.
Strategy News
Strategy sold 32 Bitcoin (BTC) last week for about $2.5 million, marking its first Bitcoin sale since a December 2022 tax-loss transaction. The company, the largest corporate holder of Bitcoin by total holdings, disclosed the trade in an 8-K filing with the SEC on June 1.
The sale ran between May 26 and May 31 at an average price of $77,135. Strategy said the proceeds are expected to fund distributions on STRC, its high-yield perpetual preferred stock known as Stretch.
The disposal was small, equal to about 0.004% of the company's holdings. Strategy held 843,706 BTC at the end of May, worth roughly $61 billion at an average purchase price of $75,699 per coin.
Executive Chairman Michael Saylor focused his first public comment on the preferred stock rather than the sale. "Our goal is to make STRC the best credit instrument in the world," he wrote on X on June 1.
Saylor previously said Strategy will buy 10 to 20 BTC for every one it sells, and explained that his earlier pledge to never sell meant remaining a net accumulator. He has also said the holdings need Bitcoin to rise 2.3% a year to cover STRC dividends without selling common stock.
Analysts Split on the Message
TD Cowen analyst Lance Vitanza called headlines about a meaningful reduction “misleading.” He said the trade was economically immaterial and kept his $400 MSTR price target. Benchmark analyst Mark Palmer said he does not expect Bitcoin sales to become the main source of dividend funding, though investors may now view the holdings as a backstop for preferred dividends.
Risk Dimensions CIO Mark Connors read the move as more significant. He said Strategy has shown it will prioritize the health of its capital structure over a strict refusal to sell. The split leaves open whether the sale was a routine treasury decision or an early sign of a more flexible approach.
Polymarket Bet Lands in Dispute
The disclosure triggered a roughly $15 million resolution dispute on Polymarket. A contract on whether Strategy would sell any Bitcoin by May 31 sat at 81% “yes” and was flagged for review. Traders are split over whether sales made before the deadline but disclosed on June 1 should count. Polymarket's UMA optimistic oracle will issue the final call.
Strategy fell about 5% on June 1, while Bitcoin slid to a near two-month low around $71,000. The company still holds more than 4% of Bitcoin's capped 21 million supply, leaving an implied paper loss of about $2.9 billion at current prices.
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