Last week, Strategy sold a small portion of its Bitcoin holdings—the first time the company has disclosed a BTC sale since its tax-loss harvesting move in December 2022. The sale is notable not because of its size, but because of what it signals: Strategy is now willing to use a tiny part of its Bitcoin stash to support the preferred equity structure it has built around its balance sheet.
According to a Form 8-K filed with the U.S. Securities and Exchange Commission, Strategy sold 32 BTC between May 26 and May 31 for about $2.5 million. The average sale price was $77,135 per bitcoin, after fees and expenses. The company said it plans to use the proceeds to fund distributions on its preferred stock.
Why Did Strategy Sell Bitcoin?
This is the first Bitcoin sale Strategy has disclosed since December 2022, when it sold 704 BTC for tax-loss harvesting and then bought back more bitcoin two days later. That earlier sale was widely seen as a tax strategy rather than a real reduction in Bitcoin exposure. This new sale is different—it seems tied to preferred stock obligations, not tax management.
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Strategy still holds a massive amount of Bitcoin. As of May 31, the company owned 843,706 BTC, bought for a total of $63.87 billion, which works out to an average price of $75,699 per bitcoin. Compared to that, the sale of 32 BTC is a tiny drop in the bucket. But it still breaks a long-standing pattern where Strategy’s Bitcoin updates were almost always about buying more.
The filing also shows that Strategy kept using its capital markets tools during the same period. Between May 26 and May 31, the company sold 801,994 shares of MSTR common stock through its at-the-market program, raising $128.3 million in net proceeds. As of May 31, Strategy had $26.137 billion in remaining MSTR stock issuance capacity, along with preferred stock capacity of $1.619 billion for STRF, $17.511 billion for STRC, $2.1 billion for STRK, and $4.015 billion for STRD.
This Bitcoin sale comes after recent comments from Executive Chairman Michael Saylor and CEO Phong Le, who both hinted in recent weeks that Strategy might sell BTC under certain conditions. Still, Saylor has stressed that the company expects to buy more bitcoin than it sells, keeping the focus on whether any isolated sale is balanced by larger purchases.
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That question remains unanswered for the latest reporting period. On May 31, Saylor posted on X: “Working ₿etter.” The phrase seemed to hint at another purchase, matching his usual style before formal Strategy updates. But no buy announcement had been made public at press time, leaving investors waiting to see if the company bought more BTC than it sold during that period.
Strategy also disclosed that its U.S. dollar reserve stood at $900 million as of May 31. This reserve, announced in December 2025, is a liquidity pool set aside by management to support dividends on preferred stock and interest payments on debt. That reserve is key because it sits at the heart of the company’s newer capital structure: Strategy has layered preferred equity, common stock issuance, and Bitcoin holdings into a balance-sheet model that relies on steady access to liquidity.
The company’s board declared cash dividends payable on June 30 to shareholders of record as of June 15. The declared payments include $2.50 per share for STRF, $0.958333333 per share for STRC, €2.50 per share for STRE, $2.00 per share for STRK, and $2.50 per share for STRD. Strategy also said the regular dividend rate on its variable-rate Series A Perpetual Stretch Preferred Stock, STRC, would stay at 11.50% per year for monthly payments.Periods starting on or after June 1. As of this writing, Bitcoin is trading at $71,637. Featured image created with DALL·E, chart from TradingView.com.
Frequently Asked Questions
Here is a list of FAQs about Strategy selling Bitcoin for the first time since its 2022 taxloss trade written in a natural tone
BeginnerLevel Questions
Q Did Strategy just sell a bunch of Bitcoin
A Yes In early 2025 Strategy sold a small portion of its Bitcoin holdings for the first time since a specific tax strategy trade back in 2022
Q Why is this a big deal
A Because Strategy is famous for never selling its Bitcoin They have been buying and holding for years This sale breaks that pattern which made people pay attention
Q How much Bitcoin did they sell
A They sold roughly 2530 Bitcoin which at the time was worth around 210 million
Q Did they sell because they need money or are in trouble
A No The sale was explicitly to take advantage of a tax loss They sold some Bitcoin that had lost value on paper to offset gains from other parts of their business lowering their tax bill
Q Is this like the 2022 sale
A Yes very similar In 2022 they also sold a tiny amount of Bitcoin for the exact same reason to harvest a tax loss This is the first time theyve done it since then
IntermediateLevel Questions
Q What exactly is taxloss harvesting in this context
A Its a legal strategy where you sell an asset at a loss to offset capital gains taxes on profitable investments Strategy sold Bitcoin that was purchased at a higher price creating a realized loss that they can use to reduce taxes on gains from other parts of their corporate treasury
Q Did they sell at a huge loss
A Yes for those specific coins They sold Bitcoin that they had bought at an average price of about 70000 per coin They sold them when Bitcoin was trading around 83000 but because they sold the lowestcostbasis coins first they realized a loss on that batch
Q Does this mean Strategy is bearish on Bitcoin now