Strategy (MSTR) sold 32 bitcoin between May 26 and May 31, the company disclosed in an 8-K filing with the SEC on Monday, June 1, at 12:07 p.m. EDT — the firm's first disclosed bitcoin sale since it began accumulating in August 2020.
The 32 coins were sold at an average net price of $77,135 per bitcoin, generating total proceeds of approximately $2.5 million. According to a footnote in the filing, those proceeds are earmarked to fund distributions on Strategy's preferred stock, not to reduce its bitcoin position or raise general operating capital.
The sale is microscopic relative to Strategy's overall holdings. The company held 843,706 BTC at an average purchase price of $75,699 as of May 31 — meaning the 32 coins represent roughly 0.004% of the treasury. Mathematically, the transaction barely registers. Symbolically, it shatters one of the most closely watched commitments in institutional crypto: Saylor's years-long accumulate-only doctrine.
Strategy has made no secret that preferred stock obligations could force it to liquidate bitcoin under specific conditions. Prior guidance cited by financial press flagged that sales could occur when its market net asset value multiple falls below 1.22 or when book value conditions are met. The May 26-31 sale appears to have triggered that threshold.
The same 8-K disclosed a busy week of parallel capital activity: Strategy raised $128.3 million through its at-the-market common stock program and used proceeds to grow its U.S. dollar cash reserve from $871 million to $900 million. The firm also retired $1.5 billion in 2029 convertible notes.
The market's reaction was swift. Bitcoin briefly fell under $72,000 from the $77,000 range immediately after the disclosure, per CoinDesk data. More than $90 million in BTC-tracked futures positions were liquidated shortly after, per CoinGlass data. The drop came even though the sale itself was trivially small — a signal that the narrative break carried more weight than the volume.