Michael Saylor’s Strategy — the largest corporate holder of bitcoin on the planet — has sold bitcoin for the first time since late 2022, and the market felt it immediately.
The company disclosed It reported in an 8K Monday that it had sold 32 BTCs between May 26-May 31 for an average of $77.135. This brought in $2.5 Million in total. The sale was executed to fund distributions on Strategy’s preferred stock, STRC — a high-yield instrument the company designed to maintain a $100 par value for investors.
News of the filing hit a fragile market for cryptos. Bitcoin fell below $72,000 after the release of the document, down almost 3% in the previous 24 hours. Over $93 million worth of crypto futures contracts were liquidated within an hour. Of those, 95% were long positions.
Bitcoin contributed $72.34 millions to this figure. The 24-hour liquidation tally reached $402 million across 135,585 traders — $275 million in longs and $127 million in shorts.
Not Strategy’s first time selling Bitcoin
This isn’t the first time Strategy Although the time between each sale is years, it appears that Bitcoin has already been sold. Near the bottom of this cycle’s bear-market, in December 2022 the company sold 7004 BTC for about $18,000 per unit.
Then, two days after that it purchased 810 BTC for a lesser price. This was described as tax loss trade by most. That episode is now being cited by some bulls as a potential bottoming signal — though the parallel is far from certain.
As of May 31, Strategy currently holds 843 706 BTC, worth approximately $61 billion in current prices. Total cost of the firm is $75,699 for each coin. This amounts to approximately $63.9 billion, including fees.
According to Monday’s price, Strategy has a paper position that represents a loss of $2.9 billion. Its holdings are more than 4 percent of the 21 million fixed bitcoin coins.
What is the balance sheet for a sale?
Saylor was transparent in her approach to math. On Strategy’s first quarter 2026 earnings conference call. he told investors that bitcoin needs to appreciate at just 2.3% per year for the company’s existing holdings to cover STRC dividend obligations in perpetuity — without selling common stock. He said that the company would also purchase 10-20 bitcoins per one they sell, framing STRC-driven dispositions over time as a strategy of net accumulation.
Strategy for the Week of Last Thursday raised $128.3 Million through the company’s at-the-market program. About $26.1 billion of the company’s ATM program is still available. As of May 31, its USD cash reserve stood at $900 million — down from a higher level after it used $1.38 billion to retire $1.5 billion in face value of 2029 convertible notes at an 8% discount to par.
It was not just the Strategy that weighed on Bitcoin heading into Monday. U.S.-listed bitcoin spot ETFs logged The 10-session streak of outflows ended on Friday, May 29. Between May 15 and 29, $2.97 billion was lost.
Brent crude jumped above $93 a barrel on the back of stalled U.S. Iran ceasefire negotiations, pushing risk appetite out from broader market.
MSTR’s shares dropped 5.15% during pre-market trading. U.S. equity futures, by contrast, pointed higher across all three major indices, extending the prior week’s record highs — a divergence that underscores crypto’s current disconnect from the broader risk-on environment.
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Source: bitcoinmagazine.com
