Strategy sold 32 Bitcoin between May 26 and May 31, generating about $2.5 million at an average price of $77,135. It's the company's first sale of Bitcoin since 2022, breaking founder Michael Saylor's long-held doctrine of never selling. The move spooked the market temporarily — Bitcoin touched $70,000, slid 4% to $69,690, then recovered to $70,120 after the news broke.
Why Strategy sold now
The sale wasn't a bet on price. Strategy needed cash to pay dividends on its perpetual preferred stock, ticker STRC. That instrument carries an annualized dividend rate of 11.5% and has been held for four consecutive months. STRC hasn't traded at par since mid-May and fell as low as $97.11 before recovering to around $99.10. The company used STRC proceeds to buy more than 122,000 Bitcoin over time — now a fraction of those coins got sold to keep the dividend flowing.
What the sale means
The 32 Bitcoin sold represents just 0.0038% of Strategy's total holdings of 843,706 BTC, acquired at an average $75,699. In percentage terms it's trivial. But as a signal it's not. Jim Cramer said the sale 'may require a reevaluation' of Strategy's pro-Bitcoin stance given its role in propping up the asset. More pointedly, the episode exposes a structural risk: Strategy relies on a volatile asset — Bitcoin — to fund fixed, dollar-denominated corporate liabilities.
The liquidity question
Glenn Cameron of Onramp Bitcoin questioned whether Strategy can count on Bitcoin liquidity during a sustained drawdown when fixed payments come due. For now, the market hardly blinked. But the broader question lingers: if Bitcoin drops hard and STRC holders keep demanding their 11.5%, will Strategy have to sell more? The company still holds nearly 844,000 BTC. Even a tiny fraction can cover a dividend round. But a prolonged downturn could change the math.
The next STRC dividend date is July 1. That's when the market will see if Strategy repeats the move — or finds another way.
