Strategy’s 32-Bitcoin Sale Signals Support for STRC Holders, Not Retreat From Treasury Plan

Strategy’s sale of Bitcoin was less a retreat from its buy-and-hold strategy than a signal to preferred shareholders and credit-rating firms, Forbes reported. The sale was negligible relative to the company’s total holdings, but it showed Strategy could tap its Bitcoin treasury to manage its capital structure if needed.

Strategy, formerly MicroStrategy, sold 32 Bitcoin at an average price of $77,135 between May 26 and May 31, raising about $2.5 million, Forbes reported on June 2. The outlet said the sale was intended to support dividend payments on STRC, a perpetual preferred stock with an 11.5% floating dividend rate.

Forbes said the transaction was Strategy’s first net reduction in Bitcoin disclosed in a standalone Form 8-K. It also marked the first time the company posted the transaction directly on its website.

The sale was limited in scale. Strategy held 843,706 Bitcoin as of May 31, according to BitcoinTreasuries data. The 32-Bitcoin sale amounted to 0.004% of its total holdings. The average sale price was also above the company’s average purchase price of $75,699.

Investor Mark Moss said the sale showed that “MSTR is a public company dealing with the public equity market, not Bitcoin.” In his view, Strategy demonstrated to credit-rating firms and credit analysts that it can use available tools to protect preferred shareholders.

Forbes also linked the sale to credit concerns. S&P assigned Strategy a B- rating in October 2025 and warned that the company could face forced sales at low prices if convertible-note maturities coincided with a sharp drop in Bitcoin.

Strategy has also taken steps to reduce its debt burden. On May 26, the company retired $1.5 billion of convertible notes due in 2029 at an 8% discount. That cut total convertible debt to $6.7 billion from $8.2 billion. The Bitcoin sale followed immediately after the transaction was completed.

STRC is central to interpreting the sale. The preferred stock was launched in July 2025 and was described at the time as the largest US initial public offering on record, at $2.521 billion. Forbes said STRC creates a monthly dividend obligation of about $80 million to $90 million.

Even a small Bitcoin sale can therefore signal a willingness to meet obligations to preferred shareholders. Greater confidence in the preferred shares could lift demand for STRC, supporting further capital raising and expanding Strategy’s capacity to buy more Bitcoin.

Strategy Chairman Michael Saylor had previously raised the possibility of selling Bitcoin, saying, “If we sell one Bitcoin, we’ll buy 10 to 20 more.” Forbes said the latest transaction was less an acknowledgment of market concerns than a capital-management signal aimed at preserving both the preferred-share structure and the company’s Bitcoin accumulation strategy.

Separately, the sale has triggered a $20 million prediction-market dispute on Polymarket. The question is whether Strategy sold Bitcoin by May 31. The company said in a June 1 filing that the sale took place between May 26 and May 31, but some investors argue the information was not disclosed before the market’s deadline. A final decision will be made through UMA’s oracle process.