CoinDesk
Strategy sold 32 bitcoin for approximately $2.5 million last week, its first BTC sale in four years, with proceeds earmarked to fund distributions on its STRC perpetual preferred stock. Executive Chairman Michael Saylor broke his silence on the move not by defending the bitcoin sale, but by pivoting to the preferred: "Our goal is to make STRC the best credit instrument in the world," he wrote on X.
The optics are complicated. Strategy's only prior bitcoin sale came in December 2022 near the cycle low of ~$18,000. This sale averaged $77,135 per BTC — with bitcoin since sliding toward $70,000 and having touched $60,000 in February — reviving the familiar question of whether the firm has again sold near a local bottom.
Two Wall Street analysts called the $2.5 million sale economically immaterial and framed it as a tactical capital-structure move rather than a strategic shift. Still, Saylor's deliberate pivot toward STRC in his public messaging signals that Strategy's capital allocation calculus is evolving: BTC accumulation remains the headline, but the preferred stock layer is becoming a more active tool.
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