Strategy Sells 32 BTC, Its First Sale Since 2022, as Bitcoin Falls Below $66,000
Strategy disclosed in an 8-K filing that it sold 32 BTC the prior week, its first bitcoin sale since 2022, as Bitcoin fell about 10% in early June. Analysts disagree on whether the sale signals structural strain in the firm's dividend funding or a manageable, poorly timed balance-sheet move.
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The Sale and Its Stated Purpose
Strategy sold 32 BTC the previous week, according to an 8-K filing it submitted on Monday, marking its first bitcoin sale since 2022 and a departure from its long-standing "Never sell your Bitcoin" stance. Chair Michael Saylor had previewed the move on an earnings call last month, saying the company would "probably sell some Bitcoin to pay a dividend just to inoculate the market and send the message that we did it."
The sale came alongside two other capital moves. Strategy used $1.38 billion in cash reserves to retire $1.5 billion of its 2029 convertible bonds, and it bought 24,869 BTC with proceeds from a $2 billion STRC offering. Decrypt reported that the purchase drained corporate cash shortly before an expensive monthly dividend payout to STRC holders.
Market Reaction
Bitcoin fell roughly 10% in early June, from about $74,000 to $65,400 by the time of Decrypt's reporting, and dipped below $66,000 at its lows. CoinGlass data put leveraged-position liquidations at $1.76 billion on June 2. Decrypt attributed the decline to several headwinds, with the Strategy sale drawing the most attention across crypto social media.
Strategy's own equities and preferred stock also moved. STRC, the company's preferred perpetual, traded at $94.84 against its $100 par value. MSTR, the common stock, fell 9.6% from Monday's open to $134 and slipped a further 4% to $130 on Wednesday, according to Yahoo! Finance.
Where Analysts Disagree
The sources split sharply on what the sale means. Tiger Research senior analyst Ryan Yoon told Decrypt that STRC's discount "signals a structural crack" in Strategy's leverage-heavy model, and that investors feared forced bitcoin sales to service debt, which "shattered the 'never sell' narrative." Crypto economist Alex Kruger was more pointed, calling the sequence "tragicomic" and arguing the firm was "cornered" and should have sold a larger amount if it intended to sell at all.
Bitrue Research Institute research lead Andri Fauzan Adziima took the opposite view, describing the moves as fundamentally sound balance-sheet decisions that were poorly timed during a macro-sensitive dip. He acknowledged that the STRC discount raises the cost of preferred funding and pushes Strategy toward equity issuance or further bitcoin sales, but characterized most institutional views as "navigable leverage friction rather than a death spiral."
The sources also differ on whether the move achieved Saylor's stated goal. Yoon argues it damaged confidence, while Adziima expects a temporary move with stabilization around $65,000 to $68,000 once the immediate noise fades. Neither position can yet be tested against further filings or price action.
What to Watch
The key open questions are how Strategy funds its next dividend obligations, whether it issues more equity or sells additional bitcoin, and whether STRC returns toward its $100 par value. Strategy's future 8-K filings will be the primary on-chain-independent confirmation of any further sales.
Why It Matters
For Traders
Watch whether Strategy files further bitcoin sales or equity issuance around its next dividend date, since either could add supply pressure during an already volatile week.
For Investors
The episode tests whether Strategy's leverage model can absorb dividend obligations without selling bitcoin, a question central to its long-term thesis.
For Builders
Protocols and products that treat Strategy's treasury as a stable reference or collateral signal should reassess exposure to its preferred-stock funding mechanics.
This article is for information only and is not financial advice. Read the full disclaimer.
