In an unexpected move, Strategy has concluded its near four-year streak of buying Bitcoin without interruption by selling a small portion of its holdings. According to a filing with the U.S. Securities and Exchange Commission from June 2, the company offloaded 32 BTC in the final week of May, generating $2.5 million at an average price of $77,135 per coin. This transaction lowered Strategy’s total Bitcoin stash from 843,738 to 843,706 BTC.
The proceeds from this sale are intended to cover distributions on the company’s preferred stock offerings. While the amount sold is minimal relative to the overall holdings, it marks the first reported Bitcoin sale by Strategy since a tax-related trade in December 2022. Earlier records indicate a 704 BTC sale was followed by a repurchase of 810 BTC two days later. Since then, the firm has been known for constantly expanding its Bitcoin reserves through debt and equity financing.
Rumors of a possible sale had been circulating after blockchain analytics firm Lookonchain noted that Strategy transferred 411.48 BTC—worth roughly $30.3 million—to Coinbase Prime on May 29. This was seen as the company’s first direct exchange transfer in almost two years. During Strategy’s first-quarter earnings call, executive chairman Michael Saylor mentioned that selling Bitcoin could be an option if needed to fulfill dividend obligations tied to preferred stock. Additional filings linked potential sales to a broader liability management strategy, noting that the firm had repurchased nearly $1.5 billion face value of its 0% convertible senior notes due in 2029 for about $1.38 billion in cash, with funding potentially coming from cash, stock offerings, debt, or Bitcoin sales.
Saylor stated in a May 25 interview that it is ‘not unlikely’ Strategy might sell some Bitcoin before the end of 2026, arguing that using diverse capital sources yields better outcomes. Alongside the Bitcoin sale, the firm also raised $128.3 million by selling 801,994 shares of its Class A common stock during the same period, with no preferred stock issuances completed. Despite market expectations of no Bitcoin purchases or preferred stock raises, according to STRC Live, Saylor’s post on X with a Bitcoin acquisition chart and the message ‘Working Better’ had some investors anticipating buying activity. However, CEO Phong Le assured that any future sales would not alter the company’s long-term direction.