Strategy, the largest Bitcoin treasury company by held BTC, said in a June 1 regulatory filing that it sold 32 BTC between May 26 and May 31.
The sale brought in $2.5 million at an average price of $77,135 per BTC, net of fees and expenses, the filing reads.
- The sale is tiny compared with Strategy's total holdings.
- The company still holds 843,706 BTC, bought for about $63.87 billion at an average purchase price of $75,699 per BTC.
- That means the sale was equal to roughly 0.004% of its remaining Bitcoin stack.
- Strategy also sold over 800,000 shares of MSTR stock during the same May 26 to May 31 period, raising $128.3 million in net proceeds.
The company also said proceeds from the Bitcoin sale are expected to be used to fund distributions on preferred stock.
Still, McKenna, a well-known crypto anon and derivatives trader who worked as a researcher at ROK Capital, noted in an X post that even the small sale still matters because it shows Strategy may use its Bitcoin stack to help cover cash obligations.
- McKenna estimated the company has about a 6.1-month runway for preferred dividend payments and may need to raise more cash by selling MSTR shares or, in a worse case, more BTC.
- The researcher said Strategy would need to sell about 11,080 BTC to cover the full gap only with Bitcoin, but added that this probably won't happen.
The sale could land as a red flag for Bitcoin diehards and maxis, because it pokes a hole in Strategy's long-running "we don't sell" narrative.
Moreover, the sale came less than four months after Saylor told CNBC that Strategy wouldn't sell Bitcoin and would keep buying more.
"We're not going to be selling. We're going to be buying Bitcoin. I expect we'll be buying Bitcoin every quarter forever," Saylor said in the Feb. 10 interview.
- Strategy's MSTR shares fell 5% in pre-market trading shortly after the news, dropping to $151.1, per Google Finance data.
The filing also comes shortly after Saylor softened that stance in May, saying it wasn't unlikely that Strategy could sell some Bitcoin before the end of the year.
This is also the first time Strategy has sold Bitcoin since December 2022, when the company, then called MicroStrategy, sold 704 BTC for about $11.8 million to generate tax benefits, then bought 810 BTC two days later.
Amid the news, Bitcoin declined by more than 2.5% below $73,000, per CoinGecko data.
- Bettors on Kalshi now put a 56% chance that Bitcoin will plunge below $60,000 this year.
- Polymarket traders put the odds of BTC falling below $55,000 in 2026 at 53%.