MicroStrategy sold 32 bitcoin between May 26 and May 31 — its first disposal of the cryptocurrency since December 2022 — to raise cash for a preferred dividend due June 30. The sale price of $77,135 per coin was barely above the company's average cost of $75,699, and Bitcoin has since slid to around $61,900, leaving the bulk of its holdings underwater on paper.
The first sale in more than three years
The transaction was small: 32 BTC at roughly $2.5 million total. But it broke a long streak. MicroStrategy had not sold a single bitcoin since December 2022, a period during which it kept adding to its hoard through debt and equity offerings. The move signals that even the most committed corporate buyer can feel pressure from its own capital structure.
Why the company needed cash now
The money is earmarked for a preferred share dividend. MicroStrategy's STRc preferred stock carries an 11.5% monthly dividend and a $100 par value, but shares recently slipped to about $95. CEO Phong Le defended the sale, noting that critics are largely noise. “About 80% of critics are 'perpetual haters' seeking attention,” he said, “with only a small fraction worth engaging.”
What the numbers show
Bitcoin at $61,900 sits more than 18% below MicroStrategy's $75,699 average cost. The company's common stock has fallen roughly 65% over the past year. Grayscale Head of Research Zach Pandl warned that the firm's leveraged accumulation model faces real pressure, and weaker preferred-share prices could force further bitcoin sales — a dynamic that would compound the losses.
Saylor's ideological map
Founder Michael Saylor, meanwhile, published a framework dividing the Bitcoin community into four camps: Maximalists, Capitalists, Technologists, and Fundamentalists. He urged supporters to balance “conviction with restraint” and called the base layer “sacred infrastructure.” The timing of the taxonomy — as his own company squeezes through a small, reluctant sale — seemed meant to reframe the debate around long-term principles rather than short-term price moves.
The dividend is due June 30. If STRc shares slide further before then, the board will face an uncomfortable choice: sell more bitcoin at a loss or skip the payment.
