Strategy sold 32 bitcoins (BTC) last week for about $2.5 million. It was the second time Strategy has moved to sell after emphasising a long-term bitcoin holding stance.

A disclosure checked by blockchain outlet Cryptopolitan on June 1 showed Strategy disposed of 32 BTC from May 26 to 31. The average sale price, reflecting fees and costs, was tallied at $77,135 per bitcoin. The company also raised $128.3 million over the same period by selling 801,994 common shares.

The market reaction was immediate. MSTR shares fell more than 6 percent after the open, and bitcoin at one point slipped to $69,000. That was the lowest level since January, and spot bitcoin exchange-traded funds (ETFs) also recorded net outflows for 10 straight sessions. It was the longest run of outflows since the products were launched.

The sale also aligns with a financial management stance Strategy had already flagged. The company said last month it could sell bitcoin if it helps improve bitcoin holdings per share or pay preferred stock dividends and strengthen its financial position.

Phong Le (퐁 레), Strategy's chief executive, outlined the standards for its bitcoin holding strategy in an earnings conference call in early May. He said Strategy wants to become a "net accumulator" of bitcoin, adding that expanding total holdings as well as increasing bitcoin per share would add value to MSTR over the long term. He meant that management considering the capital structure is more important than simple holdings.

Strategy's bitcoin sale was its first since December 2022. At the time, the crypto market was shaken by a combination of high interest rates, the collapse of FTX, and cascading shocks across lenders, trading firms and hedge funds. The market reacted more sensitively because this sale was the first case since then.

Strategy also disclosed the status of its U.S. dollar liquidity management. The company created a dollar reserve on Dec. 1, 2025 for use in preferred stock dividends and debt interest payments, and the reserve was tallied at $900 million as of May 31, 2026. It means it will continue preferred stock dividends while maintaining a cash-like buffer.

It also finalised its preferred stock dividend plan. The regular annual dividend rate on the floating-rate perpetual preferred stock STRC will remain 11.50 percent for monthly periods starting after June 1. The board also approved cash dividends on several preferred shares on May 30, with a payment date of June 30. The record date is June 15, and STRE applies on the same day based on London time.

By issue, STRF will pay $2.50 per share each quarter, STRC will pay $0.958333333 per share as its monthly dividend for June, STRE will pay 2.50 euros per share each quarter, STRK will pay $2.00 per share each quarter, and STRD will pay $2.50 per share each quarter.

The key is that Strategy has confirmed through an actual trade that it can adjust part of its holdings for dividends and fund management while maintaining its stance of expanding total bitcoin holdings. As the company’s strategy of weighing liquidity management together with bitcoin-per-share metrics moves into full swing, the likelihood of additional sales and the market reaction are expected to be the points to watch.