Strategy sold 32 BTC for about $2.5 million in the final week of May, ending a near four-year stretch in which the company had continuously added to its Bitcoin position without reporting a sale. A Form 8-K filed with the U.S. Securities and Exchange Commission on June 2 said the coins were sold at an average price of $77,135 each, reducing the company’s holdings from 843,738 BTC to 843,706 BTC.
The filing said the proceeds are expected to be used to fund distributions tied to Strategy’s preferred stock offerings. The amount sold is tiny relative to the company’s total Bitcoin treasury, but it still stands out as the first reported Bitcoin sale since a tax-related transaction in December 2022. In that earlier trade, the company sold 704 BTC and repurchased 810 BTC two days later.
Coinbase Prime transfer drew attention before the filing
Interest in a possible sale had been building after blockchain analytics platform Lookonchain reported that Strategy moved 411.48 BTC to Coinbase Prime on May 29. Lookonchain estimated the transfer was worth roughly $30.3 million at the time and said it appeared to be the company’s first direct Bitcoin transfer to an exchange in nearly two years.
The new filing did not point to a broader disposal program, but it confirmed that at least some of the transferred Bitcoin was sold. That mattered because Strategy has spent years building its public identity around long-term Bitcoin accumulation.
Executives had already left room for Bitcoin sales
During the company’s first-quarter earnings call, executive chairman Michael Saylor said Strategy could sell Bitcoin if needed to help meet dividend obligations linked to its preferred stock products. The comment drew notice because it marked a more flexible stance than the company’s usual emphasis on holding Bitcoin over the long run.
Other company disclosures had also connected potential Bitcoin sales to liability management. Earlier filings showed that Strategy moved to repurchase nearly $1.5 billion in face value of its 0% convertible senior notes due 2029 for about $1.38 billion in cash. Those filings said the repurchase could be funded through cash on hand, proceeds from at-the-market stock sales, debt financing, or Bitcoin sales.
In an interview on May 25, Saylor said it was “not unlikely” that Strategy could sell some Bitcoin before the end of 2026. He said using several sources of capital, including cash, equity, credit, and Bitcoin, produced better results than relying on only one funding route.
Stock sales added fresh capital in the same period
Strategy also raised money through its equity program during the same reporting window. The SEC filing said the company sold 801,994 shares of its Class A common stock, generating about $128.3 million in proceeds. No preferred stock issuances were completed that week.
Before the filing was released, some market watchers had expected Strategy to report neither fresh Bitcoin purchases nor preferred stock fundraising. Over the weekend, part of the market had leaned the other way after Saylor posted a Bitcoin acquisition chart on X with the message “Working Better.” The filing showed a different outcome. Chief executive Phong Le said last week that any future sales would not alter the company’s long-term direction.