MicroStrategy, now rebranded as Strategy, sold 32 Bitcoin between May 26–31 at an average price of ~$77,135 per coin, netting roughly $2.5 million. The market reacted fast: MSTR shares dropped 4.72% to $151.57, while Bitcoin slid to the $71,400 area, losing 2.77% on the day and pushing its market cap to $1.43 trillion.
32 BTC vs. 843,706 BTC Holdings — Why the Sensitivity?
The last Bitcoin sale by Strategy was a small tax-loss harvest in December 2022. When the June 1 8-K filing revealed a fresh disposal, traders moved without digesting the size. For a firm holding 843,706 BTC, the 32 coins represent only 0.0038% of its stack. MSTR still commands a market cap of $53.43 billion, enterprise value of $74.77 billion, and open interest in MSTR options of $38.67 billion. None of those metrics signal institutional panic.
8-K Filing Reveals $2.5M Proceeds Fund Preferred Stock Dividends
According to the June 1, 2026 8-K, the $2.5 million from the BTC sale will be entirely used to cover distributions on the company's preferred stock — a dividend obligation, not a strategic exit. Strategy holds about $900 million in USD reserves and continues to raise equity and debt for new BTC purchases. The sale avoids shareholder dilution. With an average cost basis of ~$75,699 per BTC and BTC trading near $71,472 at the time, the team executed without hesitation.
Strategy now holds 843,706 Bitcoin worth ~$60.3 billion in reserve, representing 4.02% of total Bitcoin supply. The 32 BTC sold is effectively a rounding error.
Has Michael Saylor's 'Never Sell' Thesis Changed?
Technically, yes — but the change is disciplined, not panicked. During Q1 2026 earnings, both CEO Phong Le and Michael Saylor signaled a shift from an absolute 'never sell' position to a more flexible capital allocation model. The new framework permits BTC sales when they enhance Bitcoin-per-share value — funding dividends, repurchasing convertible bonds, or buying back MSTR shares when they trade at a discount. The company also completed ~$128 million in ATM equity sales and bought back some of its own convertible bonds in the same period.
Against the 101,873 BTC gained in 2025 alone, the 32-coin sale puts the MicroStrategy news in its proper context: not a signal of panic, but mature treasury management.