Michael Saylor built his entire brand around a single, simple idea: buy Bitcoin, never sell. Then, between May 26 and May 31, 2026, Strategy quietly sold 32 Bitcoin for approximately $2.5 million, at an average price of $77,135 per coin.
The reason was not opportunistic profit-taking. The company needed cash to pay dividends on its STRC perpetual preferred stock. In other words, the world’s most famous Bitcoin bull sold Bitcoin to fund a financial obligation created by the very capital structure he built to buy more Bitcoin.
The math is not working in Strategy’s favor
Strategy holds roughly 843,000 to 846,000 Bitcoin, currently valued at approximately $49.7 billion. The cost to acquire that stack exceeds $63 billion. That gap represents an unrealized loss that the company reported at $8.32 billion for the quarter ending June 30, 2026.
Those obligations are not small. Annual dividend payments tied to the company’s preferred stock now exceed $1.5 billion, a recurring cash demand that does not pause when Bitcoin prices decline.
