CoinDesk
Strategy sold 32 bitcoin in May for roughly $2.5 million, only its second disclosed BTC sale in history, with proceeds earmarked to fund distributions on its STRC preferred stock. The transaction represents less than 0.004% of the company's holdings, which now exceed 843,000 BTC — up from roughly 132,500 BTC at the end of 2022.
Why it matters
Strategy's first BTC sale, in December 2022, was a 704 BTC tax-loss harvesting move executed as bitcoin traded near $16,500 in the depths of the FTX-era crypto winter. The company bought 810 BTC two days later, and the bear-market bottom proved the right entry — bitcoin went on to set successive record highs while Strategy's treasury ballooned roughly sixfold. Critics like Peter Schiff framed the 2022 sale as the start of a going-out-of-business liquidation; the price action proved them wrong.
The May 2026 sale is a different kind of event. Strategy has evolved from a leveraged bitcoin holder into a complex financing vehicle, with a capital stack now spanning convertible debt, common-equity issuance programs, and multiple preferred-stock series targeting distinct investor classes. "Our goal is to make STRC the best credit instrument in the world," Saylor said on X, underscoring the strategic priority of the preferred shelf. Against that backdrop, a 32 BTC disposal is financially immaterial — but it normalizes bitcoin sales as a tool inside the operating model rather than a once-in-a-cycle anomaly.
Market impact
The sale was met with familiar Schiff-style warnings that it could mark the start of larger disposals and weaken the bid if Strategy stops accumulating. The read-through is harder this time because the company's $BTC treasury is now a rounding error from the volume it can absorb. Stash growth from ~132,500 BTC to 843,000+ BTC means even a 10x scaling of the May sale would barely register against the balance sheet. The forward question isn't whether Strategy will ever sell again — it just did — but whether future sales stay rare exceptions or become a recurring lever for funding preferred dividends, debt service, and capital-structure management across an increasingly sophisticated bitcoin treasury empire.
Frequently asked questions
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Why did Strategy sell 32 bitcoin in May?
Proceeds from the roughly $2.5 million sale are earmarked to fund distributions on Strategy's STRC preferred stock, according to Michael Saylor's post on X.
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How does this compare to Strategy's first BTC sale?
In December 2022, the company sold 704 BTC for roughly $11.8 million as a tax-loss harvesting transaction near the $16,500 bottom, then bought 810 BTC two days later. The May sale is a fraction of that size and serves a capital-structure purpose.
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How much bitcoin does Strategy hold now?
Strategy's treasury has grown from roughly 132,500 BTC at the end of 2022 to more than 843,000 BTC today, making the 32 BTC disposal less than 0.004% of total holdings.
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Did Peter Schiff's 2022 liquidation prediction come true?
No. Schiff called the December 2022 sale a "going-out-of-business" event; bitcoin subsequently set successive record highs and Strategy's holdings expanded roughly sixfold.
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What is STRC and why does it matter?
STRC is one of Strategy's preferred-stock series, part of a broader capital structure that now includes convertibles, common-equity issuance, and multiple preferred offerings. Saylor said on X that the goal is to make STRC "the best credit instrument in the world."
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