Strategy, the company formerly known as MicroStrategy, just did something it swore it wouldn’t do. It sold Bitcoin.
The firm unloaded 32 BTC between May 26 and May 31 for approximately $2.5 million, averaging around $77,135 per coin. That makes this the first net Bitcoin sale by the company since December 2022, when it parted with 704 BTC for roughly $11.8 million.
The reason for the sale: dividend payments on STRC, the company’s perpetual preferred stock known as Stretch. Strategy needed cash to pay shareholders a fixed return, and it chose to sell a sliver of its Bitcoin pile rather than issue new equity to cover the bill.
Investors noticed. MSTR shares dropped more than 5% in pre-market trading after the announcement.
The end of ‘never sell’
