Overview
- The company disclosed in an SEC 8-K that it sold 32 BTC between May 26–31 for about $2.5 million and reported the proceeds are expected to fund distributions on its preferred stock.
- The 32-coin sale reduced holdings to roughly 843,706 BTC, a negligible fraction of its total position but notable because Strategy has not publicly sold BTC since 2022.
- Strategy’s reported average cost basis is about $75,700 per coin which means the small sale was near cost and did not materially change the firm’s aggregate exposure to bitcoin.
- Markets reacted negatively: MSTR shares fell several percent in premarket trading and bitcoin’s price dropped roughly 2–3% after the filing was released.
- The move confirms management’s stated shift to a multi-instrument funding model that uses preferred issuance, ATM equity sales, debt repurchases and occasional BTC monetization to meet recurring obligations and raises the open question of whether such disposals will recur.