Strategy, the corporate Bitcoin heavyweight led by Michael Saylor, sold 32 BTC this week — roughly $2.5 million — marking its first sale of the cryptocurrency since 2022. The move was tied to dividend-related obligations from preferred stock offerings, not a shift in treasury strategy. Separately, Strive Asset Management proposed expanding its at-the-market (ATM) programs by a combined $4.2 billion to fund future Bitcoin purchases.
A rare sale, not a pivot
Tuesday's transaction was Strategy's first Bitcoin sale in roughly four years. The company still holds more than 843,000 BTC, making it the largest public corporate holder by a wide margin. Saylor has long insisted the firm plans to hold its Bitcoin through market cycles, and this sale — small relative to the stack — looks more like a housekeeping move than a change of heart.
Strategy issued preferred stock in 2024 and 2025 that came with dividend obligations. To meet those, the company had to free up cash. Selling 32 BTC is one way to do that without tapping other reserves.
Strive's $4.2 billion proposal
While Strategy trimmed, Strive Asset Management is angling to load up. The firm filed a proposal to increase its ASST and SATA ATM programs by $2.1 billion each — a combined $4.2 billion. The capacity, if investors take it up over time, would go directly toward buying more Bitcoin.
Strive has quietly become one of the largest known corporate Bitcoin holders. The proposal is still just that — a proposal. No funds have been raised or deployed yet. But the filing signals the firm intends to keep stacking, mirroring the playbook that made Strategy the industry's reference point for BTC treasury management.
The timing is notable. Bitcoin prices have been choppy this spring, but both Strategy and Strive appear to treat dips as buying opportunities — or at least as moments to line up capital for when they decide to strike.
For now, the market gets two data points: one of the biggest holders selling a sliver for operational reasons, and another contender positioning to buy billions more. Neither story changes the broader corporate accumulation trend, but each adds a layer of texture to the narrative.
