CoinDesk
Strategy sold 32 bitcoin between May 26 and May 31 at an average price of $77,135 — generating roughly $2.5 million to cover dividend payments on STRC, its high-yielding perpetual preferred stock. It was the company's first bitcoin sale in four years, and it immediately divided Wall Street.
TD Cowen's Lance Vitanza called reports of a meaningful position reduction "misleading," noting the transaction was economically immaterial at 0.004% of Strategy's 843,700+ BTC holdings. His $400 price target on MSTR was unchanged. Benchmark's Mark Palmer agreed the sale was not a policy shift, but added a nuance: investors should now view Strategy's bitcoin stack as a viable backstop for preferred dividend funding — a subtle but real change in how the treasury is perceived.
Risk Dimensions CIO Mark Connors read the move differently, arguing that Saylor has signalled a willingness to prioritise capital structure health over a strict no-sale stance. The debate is less about the 32 BTC and more about what flexibility it implies going forward. MSTR fell 5% Monday while BTC slipped to a near two-month low of $71,000.
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