Strategy cashed $2.5 million, and bitcoin market value fell by $80 billion a day
On 1 June, Strategy submitted an 8-K file to the SEC disclosing that the company had sold 32 bitcoins between 26 and 31 May at an average price of approximately US$ 77,135, totalling approximately US$ 2.5 million。
It's the first time the company has sold bitcoin since 2020, when it launched its Bitcoin hoarding strategyI don't know。Although..DayMarket attention is almost entirely attracted to hot spots like coins on the dollarI don't knowYesBitcoin after the newsStillCome onNot smallYesFallI don't know。
This morning, Polymarket's forecast market dispute over Strategy's selling money in May began to spread, and the issue of selling money fermented again, bitcoinPriceOnwardDropped $700,000。
According to the documentAs at 31 May 2026, Strategy had cumulative holdings of 843,706 bitcoins at a total purchase cost of approximately $63.870 billion at an average price of approximately $75,699I don't know。
As atSubmissionI don't knowBTC PRICE DROPSSixI'm sorry.8US$ millionStrategyOneCC BY-NC-ND 2.0%, book losses exceedSix$0.0 billionI don't know. FromThis post is part of our special coverage Syria Protests 2011Market value of bitcoinAlreadyevaporate8$10 billion。On that night, on the American stockboardMSTRIt was a one-time fallCC BY-NC-ND 2.0%I don't know。
During the same period, the company established a reserve balance of $900 million in United States dollars. The funds are liquid funds earmarked by Strategy in December 2025 to cover dividends of priority and interest on outstanding debt。
Strategy currently issues several series of sustainable priority units, including STRC, STRF, STRK, STRE, STRD, where the annualized dividends of the STRC are maintained at 11.50 per cent. Based on the aggregate size of the series, the annual dividends obligation is estimated to be approximately $1.5 billion。
Revenues from software operations are almost negligible and Bitcoin itself does not generate cash flows, a growing dividends bill that can only be covered by financing or liquidity assets。
The Chief Investment Officer of Arca, Jeff Dorman, stated that Strategy's current preferred equity financing structure was "out of control" and was becoming increasingly difficult to sustain in the face of persistent price fluctuations in Bitcoin. In his view, the company might end up with only two paths: the continued sale of bitcoin to pay dividends, or a direct announcement of the suspension of the distribution。
Against this background, the management ' s public statements have long been set aside for the sale。
On 28 May, CEO Phong Le, in an interview with Fox Business, stated that the company might have the flexibility to decide whether to sell bitcoin on the basis of daily or weekly market dynamics, tax planning using unrealized losses from price fluctuations, and a reasonable consideration for the sale. At the same time, he stressed that the company ' s long-term objective remained a continuous net increase in its holdings of bitcoin and an increase in the amount of bitcoin per share。
Michael Saylor, in his interview earlier last month, also made it clear that the possibility not to exclude the sale of some bitcoin before the end of the year was a clear and public shift compared to his long-held "never sell" position。
The actual sale was more restrained on a scale。
Between 26 and 31 May, Strategy sold 32 bitcoin at an average price of $77,135, with an estimated $2.5 million. At the same time, through the ATM scheme, the company sells about 800,000 shares of the MSTR General Unit, with net fund-raising of about US$ 128.3 million。
In contrast, the proceeds of selling money are a fraction of the total financingThe symbolic significance is far greater than the actual financial contributionI don't know。
After the news was revealed, the market quickly divided on the interpretation of the money sold。
EncryptionAnalystPhyrex believes that 32 are really nothing in quantitative terms, but it isIt's stifling the confidence of a large percentage of investorsI don't know. Saylor ' s original promise was never to sell bitcoin, and once that promise was broken, numbers were not the most important thing。
BITWU.ETHNoteThe real reason for the short-term decline in the market is not the actual pressure of bitcoinRepricing the anticipated one-way purchaseI don't know. Over the past six years, Strategy ' s role in the market was a permanent buyer, an image that itself formed the basis for a considerable part of the narrative. When this image emerges, the market needs to reassess a variable that has never been carefully quantified before。
@Michael Liu93 asks from a lower angle. He says:MSTR'S LOAN REPAYMENT IS THE BEGINNING OF THE STRC MODE OF PERJURYI DON'T KNOW. ONCE THE MARKET BEGINS TO LOOK AT MSTR FROM THE PERSPECTIVE OF THE FUND MANAGER, IT FINDS THAT IT OWNS ALMOST ALL THE DISADVANTAGES OF A FUND COMPANY: THE MEDIOCRE TECHNOLOGY, THE WEAR AND TEAR THAT LEADS TO BUY-IN PRICES ALWAYS AT SHORT-TERM HEIGHTS, THE FULL TRANSPARENCY OF THE OPERATION, THE MARKET'S EARLY TARGETING, AND EXCESSIVE SIZE, WHICH CANNOT ESCAPE AT THE TOP OF THE CYCLE。
But..I don't knowThe view was also expressed that the sale of currency was a proactive layout. Saylor is leading a narrative transformationNever be a net SierraI don't know. The difference between the two is that the latter allows tactical sales, as long as there is a net increase in the overall hold. According to Saylor himselfAS LONG AS STRC ISSUED 2.3 PER CENT OF THE BITCOIN HOLDOUT ANNUALLY, THE COMPANY WOULD BE ABLE TO MAINTAIN ITS NET BUY-IN WHILE CONTINUOUSLY SELLING AND THEORETICALLY TO COVER THE DIVIDENDS OBLIGATION INDEFINITELY。
The independent analyst Markus Thielen interprets the sale asA market testIt is believed that Strategy is exploring the extent to which the market accepts currency sales while at the same time testing whether capital allocation strategies operate more flexibly. He saysTHE SUCCESS AND EXPANSION OF THE STRC PREFERRED EQUITY FINANCING INSTRUMENT MAY HAVE BEEN HIGHER THAN MAINTAINING THE NARRATIVE IMAGE OF "NEVER SELLING" IN THE CURRENT OVERALL FINANCIAL ARRANGEMENTS。
SoThis timeSmallSellI don't knowIn a wayLet the market get used to "Strategy Selling Money" in advance, and the future payment of dividends and debts in bitcoin will no longer be considered a disaster signalI don't know。
Instead of keeping the problem at the top of the market for a long time, the fuses should be removed earlier. In this way, Strategy is moving from the faith symbol of "never selling money" to a more pragmatic capital operator. The market takes time to re-pricing the role。
Despite 32 bitcoins, the silo logic of Strategy cannot be changed, nor can it trigger a real market. But this wave revealed one more thing that deserves attention:The market's reliance on this currency-grabbing narrative is more fragile than many imagine。
It is worth mentioning that the continuous fermentation of the coin-selling topic also affects the forecast market. This disclosure also triggered a previous transaction of over $20 millionProjectionsEventsDisputes。
Whether the market bet Strategy would sell Bitcoin by 31 May is the subject of controversy: the party supporting "yes" believes that the sale took place before the deadline, while the party supporting "no" considers that the information was not publicly disclosed at the time the market closed and should not be taken into account. The current platform's preference for the "no" side on the grounds that the results confirmed outside the deadline are not recognized raises a number of questions。
