Strategy’s 32 BTC sale puts Saylor’s Bitcoin mantra on trial

Michael Saylor defended Strategy’s small Bitcoin sale at BTC Prague, saying the move did not change the company’s long-term Bitcoin position.

Michael Saylor addressed Strategy’s 32 BTC sale during an appearance at BTC Prague on June 11. The comments followed criticism from traders who questioned the sale after years of “never sell” messaging around Bitcoin.

Strategy sold 32 BTC between May 26 and May 31 for about $2.5 million. The sale came at an average price of $77,135 per coin and marked the company’s first disclosed Bitcoin sale since December 2022.

The remark drew attention because Saylor separated personal investor advice from corporate treasury actions. His response framed the sale as a company-level funding decision, not a change in Bitcoin conviction.

Strategy sold BTC to fund dividends

Strategy’s June 1 filing showed that proceeds from the Bitcoin sale were expected to support preferred stock distributions. The board had declared June 30 cash dividends across its preferred share series.

Those obligations include payments tied to STRF, STRC, STRE, STRK, and STRD. The STRC dividend for June carried an annual rate of 11.50%, according to the company filing.

The sale represented only about 0.0038% of Strategy’s Bitcoin balance at the time. That made the transaction small compared with the company’s overall treasury, but it carried more weight because of Saylor’s public messaging.

As previously reported by crypto.news, Strategy’s 32 BTC sale raised debate because the company had built its identity around long-term Bitcoin accumulation. The report noted that the sale was small in size but large in market attention.

Strategy later resumed Bitcoin buying

Strategy later bought 1,550 BTC between June 1 and June 7 for $101.3 million. The company paid an average price of $65,332 per coin and lifted its total Bitcoin reserve to 845,256 BTC.

The purchase was nearly 50 times larger than the 32 BTC sale. It also came as Strategy increased its U.S. dollar reserve by $100 million to $1 billion.

The new purchase eased some concerns over whether Strategy had moved away from accumulation. The same update showed that the company used proceeds from its at-the-market share program to fund the purchase and rebuild cash reserves.

Strategy’s dashboard now lists 845,256 BTC at an average acquisition price of $75,680. That keeps the company as the largest public corporate Bitcoin holder by a wide margin.

Dividend model remains in focus

The debate now centers on how Strategy funds future obligations. Preferred stock dividends create recurring cash needs, while Bitcoin remains the main asset on the company’s balance sheet.

Saylor’s comments suggest that Strategy may separate personal Bitcoin advice from corporate liquidity management. That approach leaves room for limited sales when the company has dividend or financing needs.

Investors will watch the June 30 dividend date for more clues. The key question is whether Strategy uses cash reserves, capital markets, or small Bitcoin sales to meet future payments.

The company’s latest purchase shows that Strategy remains a net Bitcoin accumulator for now. Still, the 32 BTC sale has changed how some traders read the company’s “never sell” message.