Strategy sold a small portion of its Bitcoin holdings last week, marking the company’s first disclosed BTC sale since its tax-loss harvesting transaction in December 2022. The sale is less notable for its size than for what it signals: Strategy is now willing to use a piece of its Bitcoin stack to maintain the preferred equity structure it has built around its balance sheet.
According to a Form 8-K submitted Together with the US Securities and Exchange Commission, Strategy sold 32 BTC for approximately $2.5 million between May 26 and May 31. The average selling price was $77,135 per bitcoin, after fees and expenses. The company said proceeds from the sale are expected to be used to fund distributions on preferred stock.
Why did Strategy sell Bitcoin?
The transaction marks the first Bitcoin sale disclosed by Strategy since December 2022, when the company sold 704 BTC for tax-loss harvesting before buying back even more Bitcoin two days later. That earlier sale was widely seen as a tax maneuver rather than a strategic reduction in exposure. The new sale has a different character: it appears to be tied to preferred stock obligations rather than portfolio load management.
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Strategy’s Bitcoin position remains huge. As of May 31, the company owned 843,706 BTC acquired for a total purchase price of $63.87 billion, implying an average purchase price of $75,699 per bitcoin. In that regard, the sale of 32 BTC represents a negligible reduction in total holdings, but still breaks a long-standing pattern in which Strategy’s Bitcoin revelations have been almost exclusively about accumulation.
The filing also shows that Strategy continued to use its capital market mechanisms during the same period.
Between May 26 and May 31, the company sold 801,994 shares of MSTR common stock under its at-the-market program, generating $128.3 million in net proceeds. As of May 31, Strategy listed $26.137 billion in remaining available issuance capacity for MSTR shares, in addition to remaining preferred stock issuance capacity of $1.619 billion for STRF, $17.511 billion for STRC, $2.1 billion for STRK and $4.015 billion for STRD.
The Bitcoin sale comes against the backdrop of recent comments from Executive Chairman Michael Saylor and CEO Phong Le, both of whom have indicated in recent weeks that Strategy could sell BTC under certain circumstances. However, Saylor has also emphasized that the company expects to buy more bitcoin than it sells, keeping the market focused on whether isolated sales will be offset by greater accumulation.
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That question remains open for the last reporting period. On May 31, Saylor posted to X: “Working ₿etter.” The phrase seemed to tease a new purchase, in keeping with its usual rhythm before formal strategy updates. But at the time of writing, no corresponding purchase announcement had been made public, leaving investors to wait for confirmation on whether the company had bought more BTC than it sold during the period.
Strategy also announced that the US dollar reserve amounted to US$900 million as of May 31. The reserve, announced in December 2025, is a management-designated liquidity pool intended to support dividends on preferred stock and interest payments on outstanding debt. That reserve matters because it is central to the company’s newer capital structure: the strategy has layered preferred stock, common stock issuance, and Bitcoin ownership into a balance sheet model that relies on continued access to liquidity.
The company’s board of directors declared cash dividends payable on June 30 to holders of record as of June 15. The indicated payments include $2.50 per share for STRF, $0.958333333 per share for STRC, €2.50 per share for STRE, $2.00 per share for STRK and $2.50 per share for STRD. Strategy also said the regular dividend rate on the floating rate Series A Perpetual Stretch Preferred Stock, STRC, would remain at 11.50% per annum for monthly periods beginning on or after June 1.
At the time of writing, BTC was trading at $71,637.
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