Strategy broke its long-standing HODL streak, selling bitcoin for the first time in years.
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 in an 8-K filing Monday morning that it sold 32 BTC between May 26 and May 31 at an average price of $77,135 per coin, bringing in $2.5 million in total proceeds. 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.
The news hit an already fragile crypto market. Bitcoin slipped below $72,000 following the filing’s release, down nearly 3% over the prior 24 hours. More than $93 million in crypto futures positions were liquidated in a single hour, with 95% of those being long positions.
Bitcoin accounted for $72.34 million of that figure. The 24-hour liquidation tally reached $402 million across 135,585 traders — $275 million in longs and $127 million in shorts.
