Strategy Sells 32 Bitcoin for $2.5 Million to Fund STRC Dividend Payments
Highlights
- Strategy sold 32 bitcoin between May 26 and May 31 for about $2.5 million at an average net price of $77,135 per coin, according to an 8-K filing.
- The sale, the company’s first disclosed net bitcoin disposal, will be used to pay the dividend on the company’s STRC perpetual preferred stock.
- Strategy still held 843,706 bitcoin as of May 31 at an average purchase price of $75,699, leaving the sale price above its cost basis and above bitcoin’s market price on Monday.
Strategy (MSTR), the largest publicly traded holder of Bitcoin, sold some Strategy Sells 32 Bitcoin for $2.5 Million to Fund STRC Dividend Payments
Strategy (NASDAQ: MSTR) sold 32 Bitcoin for approximately $2.5 million between May 26 and May 31, marking the company’s first net Bitcoin sale in more than four years.
According to a Form 8-K filed on Monday, the company sold the Bitcoin at an average price of $77,135 per coin. The proceeds were used to help fund dividend payments associated with STRC, Strategy’s perpetual preferred stock known as Stretch.
Despite the sale, Strategy remains by far the largest corporate holder of Bitcoin. The company held 843,704 BTC at the end of May, acquired at an average purchase price of $75,699 per Bitcoin. The 32 BTC sale represented just 0.0038% of its total holdings.
First Bitcoin Sale Since 2022
The transaction has generated significant discussion among Bitcoin and MSTR investors because Michael Saylor has long advocated a buy-and-hold approach to Bitcoin.
However, investors were not entirely caught off guard. During Strategy’s Q1 2026 earnings call transcript, Saylor suggested the company could sell a small amount of Bitcoin to fund preferred stock dividends.
“We will probably sell some bitcoin to pay a dividend just to inoculate the market and send the message that we did it,” Saylor said during the call.
He later expanded on that idea in an interview, explaining that Strategy evaluates capital allocation decisions based on their impact on Bitcoin per share and overall shareholder value.
While Strategy sold 704 BTC in December 2022 as part of a tax-loss harvesting transaction, the company simultaneously purchased 2,395 BTC, resulting in a net increase in holdings. The latest transaction appears to be the first standalone Bitcoin sale that reduced Strategy’s treasury balance.
Strategy Continues Raising Capital
The sale comes as Strategy continues to strengthen its balance sheet and fund its Bitcoin strategy.
During the same reporting period, the company raised approximately $128.3 million through its at-the-market (ATM) stock offering program. Strategy also increased its cash position from $871 million to $900 million and recently completed a $1.5 billion repurchase of its 2029 convertible notes.
Shares of MSTR fell roughly 6% following the disclosure and were recently trading near $150.
For long-term investors, the sale is unlikely to have a meaningful impact on Strategy’s Bitcoin thesis. The company still controls more than 843,000 BTC and continues to maintain the largest corporate Bitcoin treasury in the world.
