Strategy sells 32 Bitcoins for the first time since 2022

For the first time since 2022, Strategy has reduced its bitcoin reserves. Michael Saylor's company sold 32 BTC to finance certain obligations linked to its preferred shares. If the amount remains marginal compared to its exposure to bitcoin, this operation breaks with a doctrine which has long shaped the group's image among investors.

Strategy sells 32 bitcoins in an unprecedented transaction

While Michael Saylor reignited rumors of a new massive purchase, Strategy sold 32 BTC between May 26 and 31 for a total amount of around $2.5 million, according to a regulatory document. The average sale price was $77,135 per bitcoin.

This transaction constitutes the first sale of BTC carried out by the company since 2022. At the end of the operation, the group's reserves increased from 843,738 to 843,706 bitcoins. The sale comes as Strategy continues to hold by far the largest bitcoin reserve among listed companies.

The main elements of this operation are as follows:

• The sale of 32 BTC between May 26 and 31;
• The total proceeds of the sale: $2.5 million;
• The average sale price: $77,135 per bitcoin;
• Strategy's reserves are reduced to 843,706 BTC;
• The funds are intended to finance distributions linked to preferred shares;
• A decline of more than 6% in MSTR stock after the announcement;
• The temporary fall of bitcoin below $72,000 after the publication of the regulatory document.

An assumed evolution of Strategy’s financial model

This sale did not come completely by surprise. A few weeks earlier, Michael Saylor had already prepared the ground by declaring: “we will probably sell some of our bitcoins to pay a dividend, simply to get the market used to this possibility”. Also, Managing Director Phong Le had explained that Strategy could consider selling bitcoins or using its reserves to optimize value creation per share. He stated thus: “We may in the future consider selling bitcoin to obtain dollar liquidity or to manage our debt, as long as this transaction creates value for our shareholders in terms of bitcoin per share”.

These declarations reflect an evolution in the financial logic of the company. For years, the strategy was essentially based on the permanent accumulation of bitcoins. The arrival of new financial instruments, notably preferred shares with dividends, now introduces new management constraints. In this context, BTC reserves are no longer seen only as an asset to be kept indefinitely, but also as a resource capable of being mobilized to meet certain financial obligations.

The quantity sold remains tiny compared to the more than 843,000 bitcoins held by Strategy. Still, the event could mark a lasting change in perception for investors. The question is no longer only how many bitcoins the company owns, but also under what circumstances it now agrees to sell some. For the market, this first sale in several years could serve as a benchmark for assessing how large companies exposed to bitcoin will manage their reserves as their financial structures become more complex.