Strategy Sells Bitcoin for the Second Time, Raising Concerns Among Investors
Michael Saylor’s Strategy has disclosed the sale of 32 Bitcoin valued at approximately $2.5 million, marking only the second known Bitcoin sale in the company’s history. The move has sparked widespread discussion throughout the crypto market, especially as the firm was previously known for its long-standing commitment to holding Bitcoin.
According to a filing submitted to the U.S. Securities and Exchange Commission (SEC) on June 1, the company sold 32 BTC between May 26 and May 31 at an average price of $77,135 per coin. The transaction generated roughly $2.5 million in proceeds.
Bitcoin Holdings Still Exceed 843,000 BTC
Despite the sale, Strategy remains the world’s largest corporate Bitcoin holder. Following the transaction, the company still owns 843,706 BTC, with a market value of approximately $63.87 billion.
The company noted that the proceeds from the Bitcoin sale are expected to support preferred stock distributions. The filing also clarified that the reported figures reflect net amounts after fees and related expenses.
Strategy Raises Additional Capital Through Stock Sales
Alongside the Bitcoin sale, Strategy revealed that it sold 801,994 shares of MSTR stock, generating approximately $128.3 million in fresh capital.
The company also reported maintaining a USD reserve balance of around $900 million. The latest fundraising efforts come after Strategy used significant cash reserves to repurchase $1.5 billion worth of its 0% convertible senior notes due in 2029.
Earlier reports also indicated that the company transferred approximately $30.3 million worth of Bitcoin to Coinbase Prime, fueling speculation that a sale could be imminent.
Shift From “Never Sell” Narrative
The transaction has attracted attention because it appears to represent a shift in Strategy’s long-standing Bitcoin philosophy. Michael Saylor previously built the company’s reputation around a strong conviction to continuously accumulate Bitcoin and avoid selling.
However, recent comments from Saylor suggested that the company could consider selling a portion of its holdings when necessary to support corporate obligations, including dividend payments and capital management strategies.
This evolving approach has led to debate within the crypto community about whether Strategy’s Bitcoin strategy is entering a new phase.
MSTR Stock Extends Recent Decline
Shares of Strategy (MSTR) came under renewed pressure following the announcement. The stock dropped nearly 6% in premarket trading, trading around the $150 level.
The decline adds to a difficult month for shareholders, with MSTR losing more than 22% of its value over the past several weeks. The stock has also faced pressure from insider selling activity and the company’s recent pause in Bitcoin accumulation.
Despite the weakness, Michael Saylor continues to highlight the company’s long-term Bitcoin strategy and recently reaffirmed that the STRC preferred dividend rate remains at 11.5%.
Bitcoin Price Falls Below $72,000
Bitcoin also experienced selling pressure following the news. The cryptocurrency briefly fell below the $72,000 level and was trading near $72,192 at the time of reporting.
During the past 24 hours, Bitcoin recorded a high of $74,058 and a low of $71,856. Trading activity increased significantly, with volume jumping more than 56% compared to the previous day.
Meanwhile, derivatives market data showed mixed sentiment among traders. Some participants continued to reduce exposure, while others viewed the pullback as a buying opportunity. Total Bitcoin futures open interest increased slightly to $54.5 billion, reflecting continued market engagement despite the recent volatility.
