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Key Takeaways
- Strategy sold 32 BTC between May 26 and May 31 at an average of $77,135 per coin, its first Bitcoin sale since December 2022, using the $2.5 million in proceeds to fund preferred stock dividends.
- Saylor addressed the apparent contradiction with his past “never sell” advice at BTC Prague, drawing a distinction between guidance directed at individual investors and corporate treasury obligations.
- The sale represents roughly 0.004% of Strategy’s 843,706 BTC holdings, though investors will be watching whether the June 30 dividend payment triggers another draw on the Bitcoin reserve.
Michael Saylor took the stage at BTC Prague on June 11 to defend Strategy’s sale of 32 Bitcoin between May 26 and May 31, the company’s first such transaction since December 2022. The $2.5 million sale covered approximately 0.004% of the firm’s 843,706 BTC holdings and was disclosed in a June 1 SEC filing.
Strategy Sold 32 BTC at $77,135 Per Coin to Cover Preferred Stock Dividends
Strategy disclosed the sale in a June 1 SEC filing, reporting an average sale price of $77,135 per coin, slightly above the company’s $75,699 cost basis. The proceeds were designated to fund cash distributions on the firm’s preferred stock, with the board declaring June 30 dividends across all five preferred series as part of Strategy’s existing capital structure obligations.
Following the disclosure, shares of MSTR fell approximately 6%, and the transaction dominated market commentary. The filing also prompted a dispute on prediction platform Polymarket over how related contracts should be settled, with $15 million at stake.
Saylor Says “Never Sell” Advice Was Directed at Individual Investors, Not Companies
Saylor’s earlier public statements urging investors to never sell their Bitcoin drew scrutiny once the SEC filing became public, given remarks including past suggestions that holders should sell a kidney before parting with their Bitcoin. Confronting the apparent contradiction directly on stage in Prague, Saylor said:
“I said to YOU never sell your Bitcoin.”
He framed the individual advice and the corporate transaction as separate matters, describing the sale as routine treasury management tied to a defined financial obligation rather than a reversal of Strategy’s Bitcoin thesis. Saylor also dismissed criticism from online commentators, saying it would be impractical for any company to categorically rule out selling regardless of its obligations.
Strategy Had Already Slowed Bitcoin Accumulation Before the Sale
The 32 BTC sale occurred against a backdrop of slowing accumulation at Strategy. The company had paused Bitcoin purchases ahead of its earnings report and had recently skipped its weekly buy entirely.
Strategy’s current holdings of 843,706 BTC carry an estimated market value of roughly $62 billion, making the $2.5 million transaction marginal relative to the overall position.
The next near-term test arrives on June 30, when the declared preferred dividends fall due. Investors will be watching whether Strategy funds future distributions through new capital raises or draws on its Bitcoin reserve again.
