Strategy has sold bitcoin for the first time since December 2022, offloading 32 BTC for approximately $2.5 million and rattling markets in the process.
MSTR shares fell more than 5% in premarket trading following the announcement, while bitcoin dropped below $72,000, down roughly 2.5% over the prior 24 hours.
What the filing revealed
According to a filing with the Securities and Exchange Commission, Strategy sold the 32 BTC between May 26 and May 31.
The company said proceeds from the sale are expected to fund preferred stock dividends.
The filing also disclosed that Strategy sold 801,994 shares of MSTR common stock for around $128.3 million.
The firm’s total bitcoin holdings now stand at approximately 843,706 BTC, purchased at an average cost basis of around $75,699 per coin.
Saylor had signaled the move
The sale did not come entirely without warning.
During Strategy’s Q1 earnings call, Michael Saylor hinted the company might sell some holdings.
In a subsequent interview, he stated there was no way to maximize bitcoin-per-share over the next seven years without selling a portion of its stack.
CEO Phong Le added that any sale would be executed at cost basis to avoid tax implications.
Speculation intensified last week after Strategy moved $30 million in bitcoin to Coinbase Prime.
Previous sale and analyst reaction
Strategy’s only prior bitcoin sale came in December 2022, when it sold 704 BTC for roughly $11.8 million, a move Saylor attributed to generating tax benefits.
On the same day as Monday’s announcement, Mizuho cut its price target on MSTR to $265 from $320, while maintaining its Outperform rating.
The firm also trimmed its year-end 2027 bitcoin price forecast to $94,000 from $128,000, citing a more cautious market outlook.
