Bitcoin treasury company Strategy sold 32 BTC for approximately $2.5 million at an average price of $77,135 per bitcoin between May 26 and May 31, according to an 8-K filing with the Securities and Exchange Commission on Monday.

This is the first time Strategy has sold bitcoin since December 2022, when the company offloaded 704 BTC, according to onchain analyst Ai Yi. However, the firm reportedly bought 810 BTC just two days after the sale at a lower price in a tax loss trade.

Proceeds from the bitcoin sales are expected to be used to fund distributions on preferred stock, the firm said.

Strategy now holds a total of 843,706 BTC following the reduction — worth around $61 billion — bought at an average price of $75,699 per bitcoin for a total cost of around $63.9 billion, including fees and expenses.

Strategy's remaining holdings represent more than 4% of bitcoin's fixed 21 million supply cap and carry an implied paper loss of approximately $2.9 billion at current prices.

Last week, Strategy sold 801,994 MSTR shares for approximately $128.3 million, per the filing, with approximately $26.1 billion left available under the at-the-market program. However, this includes shares sold but not yet settled as of May 31 and no MSTR shares were used to purchase bitcoin during the period.

Strategy recently extended its ATM programs to include up to an additional $21 billion of MSTR, alongside a further $21 billion of its STRC preferred stock and $2.1 billion of STRK preferred stock.

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Bitcoin sale anticipated

Today's sale announcement comes shortly after onchain data from Arkham Intelligence showed that Strategy moved roughly 411.6 BTC from its custody account on Coinbase Prime to a cold wallet address on the platform on May 28. This prompted the odds of Strategy selling bitcoin before the end of 2026 to surge to 84%.

Strategy's bitcoin sale was also anticipated. Its executives previously said during its first-quarter 2026 earnings call that it may sell some of its holdings to fund dividends for STRC, Strategy's perpetual preferred stock designed to maintain a $100 par value and offer high yields to investors.

Saylor explained then that the sale would eventually help Strategy buy more bitcoin than it would sell to cover STRC's dividends. He also noted that the firm's current position requires bitcoin to appreciate at 2.3% annually for its existing holdings to cover STRC dividend obligations indefinitely, without selling any common stock.

In additional interviews, Saylor reassured investors that the company will buy 10 to 20 bitcoin for every one it sells, adding that his earlier "never sell" comment meant that one should be a net accumulator of bitcoin.

However, some have expressed concern over Strategy's decision to sell its bitcoin holdings.

Last week, Strategy confirmed the repurchase of $1.5 billion face value zero-coupon 2029 convertible notes for approximately $1.38 billion, retiring the debt at an 8% discount to par. The transaction was funded from its $2 billion in cash reserves. As of May 31, Strategy's USD Reserve is $900 million, the firm said in Monday's filing.

Strategy also noted it has purchased 2.6 times the amount of bitcoin mined in 2026 so far, describing MSTR as a "BitVac."

DAT state of play

According to Bitcoin Treasuries data, 198 public companies have adopted some form of bitcoin acquisition model. Tether-backed Twenty One, Metaplanet, MARA, Adam Back, and Cantor Fitzgerald-backed Bitcoin Standard Treasury Company, Bullish, Strive, Coinbase, Riot Platforms, and Cleanspark, and make up the remainder of the top 10, with 43,514 BTC, 40,177 BTC, 35,303 BTC, 30,021 BTC, 24,300 BTC, 16,500 BTC, 16,492 BTC, 15,680 BTC, and 13,453 BTC, respectively.

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However, the value of the cohort's shares remains significantly below their summer 2025 peaks, with MSTR itself down around 65%, for example, as some investors become increasingly concerned about Strategy's market cap to net asset valuation and its numerous bitcoin acquisition programs. The firm's mNAV is currently sitting at 0.97, per Bitcoin Treasuries.

Strategy's stock fell 3.1% overall last week, closing on Friday at $159.09, according to The Block's MSTR price page, but remains marginally up 2.9% year-to-date. Bitcoin dropped approximately 4.7% over the same period.

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