Strategy Sells 32 BTC: First Bitcoin Sale Since 2022

According to a filing with the U.S. Securities and Exchange Commission (SEC), the company sold 32 $BTC for approximately $2.5 million between May 26 and May 31. The transaction was executed at an average price of $77,135 per token.

While the size of the trade is symbolic relative to the scale of the company’s total holdings, it represents the first sale of Bitcoin since December 2022. At that time, Strategy conducted a tax-optimization trade by selling 704 $BTC and subsequently repurchasing a larger amount just days later.

Sale Funds Dividends, Not a Strategy Shift

The company emphasized that the proceeds from the sale will not be used for operational needs. Instead, the funds are earmarked for dividend payments on STRC—the new class of perpetual preferred stock that Strategy utilizes as part of its expanded financial structure.

Following this sale, the company continues to hold 843,706 $BTC, valued at approximately $61 billion at current market prices. The average acquisition price of the reserves remains around $75,699 per token, with the total investment amounting to nearly $63.9 billion, including costs and fees.

The remaining portfolio represents more than 4% of the maximum Bitcoin supply of 21 million coins. This further solidifies Strategy’s position as the most influential corporate player in the ecosystem.

Saylor Remains Committed to Long-Term Bitcoin Thesis

Despite the sale, company Chairman Michael Saylor has repeatedly stressed that Strategy remains a committed buyer of $BTC. During recent investor calls, he stated that the company plans to purchase between 10 and 20 $BTC for every single coin sold in the future.

According to Saylor, the current STRC structure allows the firm to utilize limited sales to cover dividend obligations while simultaneously increasing its overall exposure to the digital asset.

Last week, the company also completed a buyback of convertible debt with a face value of $1.5 billion at a discount of roughly 8%, utilizing a portion of its cash reserves. Following this operation, Strategy holds approximately $900 million in free cash.

Meanwhile, competition among public companies using Bitcoin as a reserve asset continues to intensify. According to Bitcoin Treasuries data, nearly 200 public companies now follow various forms of $BTC accumulation strategies, though none approach the scale of Strategy’s holdings.

Nevertheless, investors remain divided regarding the company’s valuation. The stock is still trading significantly below its 2025 peaks, as some market participants question the sustainability of the increasingly complex financial structure used to fund future Bitcoin purchases.

For now, however, the sale of 32 $BTC appears to be a tactical capital management operation rather than a shift in long-term strategy. The company continues to position itself as the largest corporate holder of the leading digital asset.