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Strategy breaks “never sell”
Strategy, the bitcoin treasury company led by Michael Saylor, sold 32 BTC for about $2.5 million during the week of May 26 to May 31, marking its first disclosed Bitcoin sale since December 2022.
“KEY POINTS: Strategy hits a record of $63”
The sale was executed at an average price of $77,135 per coin, and Strategy said the proceeds “are expected to be used to fund distributions on preferred stock.”
After the disclosure, Bitcoin fell below $71,000 on Monday morning, while Strategy still held 843,706 bitcoin on its balance sheet.
The timing of the sale also became a live question on Polymarket, where a market asked whether Strategy would sell Bitcoin by May 31 and was “currently in dispute” after Strategy announced the sale on June 1.
In the same period, Strategy’s executives had previously indicated that it could sell some bitcoin, with Saylor saying in a Q1 2026 earnings call, “Yeah, we’ll probably sell some bitcoin.”
Polymarket dispute and market reaction
On Polymarket, the market asking whether Strategy would sell Bitcoin by May 31 was “currently in dispute,” with the dispute tied to the fact that Strategy sold BTC before May 31 but announced the sale on June 1.
A pseudonymous Polymarket user and “Yes” shareholder, Voidofhype, argued that “The rules of this market are very clearly ‘Did they sell within the timeframe’ and not ‘Is there confirmation they sold within the timeframe,’” as UMA tokenholders moved toward a vote.
Delphi Digital framed the shift as a change in how investors read Strategy, saying, “The market learned that Strategy is no longer read as a pure one-way accumulation vehicle,” after the sale.
Delphi also described the company as a “leveraged corporate treasury company” whose decision-making is shaped by preferred-share dividends, mNAV dynamics, equity issuance, and broader balance-sheet considerations.
Even as the sale was small relative to holdings, Delphi said the “old ‘never sell’ meme is now broken in practice,” not just in conference call language.
What the sale funds next
Strategy’s disclosed rationale for the 32 BTC sale was to fund distributions on its preferred stock, with the Blockspace report stating the proceeds were “expected to be used to fund distributions on preferred stock.”
“Strategy (MSTR), the company whose bitcoin accumulation strategy inspired a new generation of so-called digital asset treasury firms,soldBTC for the first time since December 2022, offloading roughly $2”
In the same reporting, The Defiant said Strategy paired the disclosure with last week’s $1.5 billion paydown of 2029 convertible notes drawn from cash reserves, describing it as part of a broader treasury pivot.
The Defiant also reported that Strategy’s board declared June 30 cash dividends across all five preferred series—STRF, STRC, STRE, STRK and STRD—and held the variable rate on its STRC at “$0.958333333 per $100 share each month.”
Cryptoast, meanwhile, continued to describe Strategy and Bitmine as crypto treasury companies that “défient le bear market,” citing Strategy’s holdings of 717 131 BTC and Bitmine’s holdings of 4 371 500 ETH.
Across the coverage, the stakes were framed around whether the treasury model can keep funding itself through market conditions, with Cryptoast noting that treasury companies rely on “deux sources de financement : émission de dette et vente d’actions” while stock sales dilute investors.
