Strategy sold a small portion of its Bitcoin holdings last week, marking the company’s first disclosed BTC sale since its December 2022 tax-loss harvesting transaction. The sale is notable less for its size than for what it signals: Strategy is now willing to use a sliver of its Bitcoin stack to service the preferred equity structure it has built around its balance sheet.
Why Did Strategy Sell Bitcoin?The transaction is the first Bitcoin sale disclosed by Strategy since December 2022, when the company sold 704 BTC for tax-loss harvesting purposes before buying back more bitcoin two days later. That earlier sale was widely framed as a tax maneuver rather than a strategic reduction in exposure. The new sale is different in character: it appears tied to preferred stock obligations rather than portfolio tax management.
Strategy’s Bitcoin position remains enormous. As of May 31, the company held 843,706 BTC acquired for an aggregate purchase price of $63.87 billion, implying an average purchase price of $75,699 per bitcoin. Against that position, the 32 BTC sale represents a negligible reduction in headline holdings, but it still breaks a long-running pattern in which Strategy’s Bitcoin disclosures were almost exclusively about accumulation.
The filing also shows that Strategy continued using its capital markets machinery during the same period.
Between May 26 and May 31, the company sold 801,994 shares of MSTR common stock under its at-the-market program, generating $128.3 million in net proceeds. As of May 31, Strategy listed $26.137 billion of remaining available issuance capacity for MSTR stock, alongside remaining preferred stock issuance capacity of $1.619 billion for STRF, $17.511 billion for STRC, $2.1 billion for STRK and $4.015 billion for STRD.
At press time, BTC traded at $71,637.
