Strategy sold 32 bitcoin last week for about $2.5 million, marking its first disclosed Bitcoin sale since December 2022. The company said proceeds will go toward distributions on its preferred stock. The sale comes as Strategy continues to raise capital through equity offerings, with more than $128 million in MSTR stock sold during the same period.
First sale in two and a half years
The last time Strategy sold bitcoin was in December 2022, when it offloaded 704 BTC for tax-loss harvesting. This week's sale of 32 BTC at an average price of $77,135 per coin netted roughly $2.5 million after fees. The company still holds 843,706 BTC, bought for an average of $75,699 each, according to its May 31 filing.
Proceeds for preferred stock distributions
The cash from the sale — combined with a $128.3 million haul from selling 801,994 shares of MSTR common stock under an at-the-market program — is earmarked for preferred stock dividends. Strategy's board declared cash dividends payable June 30 to holders of record June 15, with specific per-share amounts for each preferred series. As of May 31, the company had $900 million in US dollar reserves set aside for preferred dividends and debt interest.
Saylor teases a purchase
Executive Chairman Michael Saylor posted "Working ₿etter" on X on May 31, prompting speculation that a bitcoin buy was coming. But no corresponding purchase announcement had been made at press time. Saylor and CEO Phong Le have previously said Strategy could sell bitcoin under certain circumstances, but Saylor emphasized the company expects to buy more than it sells overall.
The company still has $26.1 billion in remaining capacity to issue MSTR stock and various preferred stock capacities. Whether Saylor's tease becomes a real buy this week remains the open question for investors watching Strategy's next move.
