Strategy sold 32 Bitcoin between May 26 and May 31 for roughly $2.5 million, or about $77,135 per coin. That's a microscopic 0.004% of its 845,256 BTC hoard. But the move rattled a market already down 40% from its all-time high, and the company quickly pivoted back to buying.
Why sell at all?
CEO Phong Le called the sale an "inoculation" — a test of the company's ability to sell, confirm internal systems, and capture tax losses on low-cost-basis Bitcoin. The proceeds went to distributions on Strategy's STRC perpetual preferred stock. Le stressed the sale wasn't a strategy shift or a sign of distress; dividends are covered by other capital-raising activities. This isn't the first time Strategy has used a small sale for tax purposes. In December 2022, it sold 704 BTC at $16,776 and bought back 810 two days later.
Investors weren't thrilled
Le acknowledged backlash from investors but said institutional shareholders weren't unnerved. Still, the broader market took notice. Strategy's announcement coincided with record spot Bitcoin ETF outflows of $2.8 billion to $3.5 billion and roughly $1.8 billion in forced liquidations. MSTR shares traded near $117–$127, down about 67% from their 52-week high of $457. Bitcoin itself was around $61,600 on June 10 — a far cry from the $126,198 all-time high in October 2025.
Three headwinds Le sees
Le identified three macro pressures weighing on Bitcoin: Federal Reserve interest rate uncertainty, two ongoing global wars, and a lack of congressional regulatory clarity. He remains bullish on Bitcoin as a hedge against inflation and big government. The timing of the sale — just before those headwinds intensified — wasn't great. Critics saw a signal of weakness even if Le meant it as a technical exercise.
Strategy went back to buying
Between June 1 and June 7, Strategy acquired 1,550 Bitcoin at an average price of $65,332. That reversed the earlier sale and then some. As of late May, the company held 845,256 Bitcoin with a total cost basis of about $63.97 billion. The net effect: Strategy is still overwhelmingly long. The question now is whether the regulatory clarity Le wants will come anytime soon — and whether Bitcoin can climb back toward those highs without it.
