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Strategy sold 32 BTC between May 26 and May 31 for roughly $2.5 million, according to an 8-K filing, marking the company's first Bitcoin sale since a 704-BTC tax-loss harvest in December 2022. That earlier sale was a paper-loss trade, with the company repurchasing more Bitcoin two days later.
Why it matters
This time the proceeds are earmarked to fund preferred stock dividends — not a tax maneuver. Selling Bitcoin to service a dividend obligation is a different signal than selling to book a loss and reload: it changes the read of Strategy's balance sheet from a pure treasury accumulator to an entity that may dip into BTC holdings when its preferred-share cash flows require it. The dollar size is small ($2.5M against 843,706 BTC held), but the structural framing is what holders will weigh.
Market impact
As of May 31, Strategy held 843,706 BTC acquired at $63.87 billion in total cost, for an average price of $75,696 per coin. The 32-BTC sale is a rounding error on that stack, but it is the first disposition since the 2022 trade and resets the question of how Strategy funds its preferreds during drawdowns — a question that gets sharper the longer $BTC trades below the company's average entry.
Frequently asked questions
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How much Bitcoin did Strategy sell and when?
Strategy sold 32 BTC between May 26 and May 31 for approximately $2.5 million, per an 8-K filing with the SEC.
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When was Strategy's previous Bitcoin sale?
Strategy's prior Bitcoin sale was in December 2022, when it sold 704 BTC for tax-loss harvesting and repurchased more Bitcoin two days later.
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What will the sale proceeds be used for?
According to the filing, the latest sale proceeds are expected to fund the company's preferred stock dividends — not a tax maneuver.
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How much Bitcoin does Strategy still hold?
As of May 31, Strategy held 843,706 BTC, acquired at a total cost of $63.87 billion, for an average price of $75,696 per coin.
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Why is the sale significant if the size is small?
The 32-BTC size is a rounding error on the stack, but it is the first disposition since 2022 and signals that Strategy may tap BTC holdings to service preferred dividends during drawdowns — a shift from pure treasury accumulator to active capital-cycle manager.
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