Strategy, the corporate Bitcoin treasury company formerly known as MicroStrategy, sold 32 Bitcoin for roughly $2.5 million between May 26 and May 31, 2024. The sale, disclosed in an 8-K filing, marks the firm’s first Bitcoin disposal since 2022. It was executed at an average net price of $77,135 per coin and is intended to fund cash distributions on the company’s preferred stock.
First sale in two years
Strategy had not sold any Bitcoin since 2022, making this a notable shift. The timing — late May — aligns with a period when Bitcoin prices hovered near the mid-70,000 range. The company did not disclose the specific series of preferred stock being serviced, but the filing makes clear the sale was purely to meet those distribution obligations.
What’s left in the treasury
After the transaction, Strategy still holds 843,706 Bitcoin. That stash, accumulated over years of aggressive buying, represents one of the largest corporate crypto treasuries in the world. Even a small sale like this one barely dents the total — roughly 0.004% of the holdings.
The sale breaks a long streak of “HODL-only” behavior. For investors who follow Strategy as a proxy for Bitcoin exposure, the move signals that the company is willing to tap its holdings when needed for corporate obligations. Whether this becomes a recurring pattern will depend on future preferred stock distributions and the price of Bitcoin at those times.
The 8-K filing does not mention any plans for additional sales. But with a balance sheet anchored by more than 840,000 Bitcoin, the company has plenty of room to maneuver if it needs to raise cash again.
