CoinDesk
Strategy disclosed in an 8-K filing on Monday that it sold 32 bitcoin between May 26 and May 31 at an average net price of $77,135 a coin, generating roughly $2.5 million in proceeds. The disposal, a footnote in the filing confirms, is the company's first disclosed bitcoin sale, and the cash is earmarked to fund distributions on Strategy's preferred stock rather than for general corporate purposes.
As of May 31, Strategy still held 843,706 bitcoin at an average purchase price of $75,699, meaning the offloaded coins cleared above the company's blended cost basis by roughly $1,436 a coin. The sale price also sat above bitcoin's roughly $73,400 market level on Monday, suggesting the disposal was executed opportunistically into relative strength rather than under duress.
Why it matters
The headline number is trivial at the portfolio level — 32 coins is 0.004% of the 843,706 still on the balance sheet — but the precedent carries more weight than the dollar figure. Strategy has historically framed itself as a permanent accumulator; converting even a sliver of bitcoin holdings into cash to service preferred-stock dividends signals that the capital stack's coupon obligations now sit ahead of the treasury-only thesis. STRC's dividend rate held at 11.5% this month after the stock's VWAP reached $99.62, letting it keep trading near its $100 par target — the exact condition Strategy needs to keep its ATM issuance channel open and keep feeding the bitcoin bid. The 32-coin sale, in other words, is the working capital behind that machine.
Market impact
The filing gives equity and credit desks a new data point to argue about: an issuer with the loudest "never sell" narrative in crypto just monetised a 0.004% slice, and did so above its average purchase price. The disposition barely registers against MSTR's bitcoin NAV, but it does reset the long-running debate about whether preferred-stock coupons can be serviced indefinitely from ATM equity issuance alone, or whether bitcoin treasury companies will periodically need to top up the dividend account with realised gains.
Frequently asked questions
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How many bitcoin did Strategy actually sell?
Strategy disclosed in an 8-K filing that it sold 32 bitcoin between May 26 and May 31, generating roughly $2.5 million in proceeds at an average net price of $77,135 a coin.
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Why did Strategy sell bitcoin for the first time?
Per a footnote in the filing, the proceeds are earmarked to fund distributions on Strategy's preferred stock rather than for general corporate purposes.
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How much bitcoin does Strategy still hold?
As of May 31, Strategy still held 843,706 bitcoin at an average purchase price of $75,699 per coin, meaning the 32 coins sold represented roughly 0.004% of the treasury.
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Did Strategy sell above its average cost basis?
Yes. The $77,135 average sale price was roughly $1,436 above the $75,699 blended cost basis, and also above bitcoin's roughly $73,400 market price on Monday.
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What role does STRC play in Strategy's capital plan?
STRC's 11.5% dividend rate held steady this month after its monthly VWAP hit $99.62, letting shares trade near the $100 par target — the condition Strategy needs to keep its ATM equity issuance channel open and continue funding bitcoin purchases.
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