Michael Saylor built his entire reputation on one idea: never sell the Bitcoin. On June 1, 2026, that idea officially had an asterisk.
Strategy, the company formerly known as MicroStrategy, disclosed it had sold 32 BTC between May 26 and May 31, netting roughly $2.5 million at an average price of $77,135 per coin. The purpose was not strategic rebalancing or profit-taking. It was to cover preferred stock dividends. The market noticed immediately.
MSTR shares dropped more than 5% in early trading on June 1. Bitcoin fell roughly 2%, hitting its lowest point since mid-April. And in the options market, traders were already positioned for the pain, with put buying surging well before the opening bell.
What actually happened in the options market
At 9:30 a.m. ET on June 1, a wave of put buying hit MSTR options with notable force. Puts were outpacing calls by more than 2 to 1 on elevated volume.
