Strategy has laid out its position on a bitcoin sale it carried out for the first time since 2022.

On June 10, Bitcoin Magazine, a blockchain media outlet, reported that Phong Le (퐁 레), Strategy's chief executive, said in a CNBC interview that the recent sale of 32 bitcoin was a signal to the market and did not change the company's bitcoin holding strategy.

Le said he wanted to build the market's immunity and test internal processes. He said it confirmed everything works properly.

The sale took place between May 26 and May 31. Strategy sold 32 bitcoin at $77,135 per bitcoin to secure about $2.5 million. The amount was about 0.004 percent of its total holdings, but it fuelled controversy over whether it had shaken Chairman Michael Saylor's emphasis on a policy of "never sell."

Strategy gave three reasons for the disposal. It said it aimed to show it can actually sell bitcoin when needed, to confirm internal systems for executing sales work normally, and to secure an opportunity to realise tax losses by using low-cost holdings. The company has bought bitcoin at various prices ranging from the $10,000 level to the $125,000 level.

Le rejected interpretations that the sale was driven by financial pressure. He said there was no need to sell bitcoin to pay dividends and that it could cover the payout through other capital-raising activities. The proceeds were used to pay distributions on STRC perpetual preferred stock.

Despite the market reaction, Strategy remained a net buyer over the same period. The company bought about 1,500 bitcoin during the period in which it sold 32 bitcoin. It then bought another 1,550 bitcoin between June 1 and June 7 at an average of $65,332. That was the backdrop to an interpretation that the company moved to restore market trust.

The core of investor backlash was that Strategy was taken as having promised not to liquidate its bitcoin holdings. Le said it must answer to multiple stakeholders such as common shareholders, preferred shareholders, bondholders and bitcoin holders, and that it would sell bitcoin if it is reasonable for common shareholders. He said institutional shareholders were not significantly shaken, and strong criticism mainly came from individual investors and ideological supporters who prioritise perpetual holding.

This was not the first sale. Strategy sold 704 bitcoin in December 2022 at $16,776 per bitcoin and bought back 810 bitcoin two days later. At the time, it was a tax-loss transaction that took advantage of the lack of wash-sale restrictions under crypto tax rules.

Le also mentioned the macro environment. He cited uncertainty over Federal Reserve interest rates, geopolitical issues and regulatory uncertainty stemming from delays in Congress handling crypto legislation as pressure factors surrounding bitcoin. He maintained a long-term view that bitcoin is a hedge against inflation and big government.

The share price and bitcoin price remain under pressure. Bitcoin traded around $61,600, down more than 40 percent from the all-time high of $126,198 recorded in October 2025. Around the timing of Strategy's sale announcement, spot exchange-traded funds saw outflows of $2.8 billion to $3.5 billion, and forced liquidations of $1.8 billion followed over one day. MSTR shares traded around $117 to $127 this week, down about 67 percent from the 52-week high of $457.

As of end-May, Strategy holds a total of 845,256 bitcoin. Its total acquisition cost is about $63.97 billion. The company directly explained that the sale was more about checking liquidity and execution feasibility than shifting its holding strategy, but the market is expected to keep watching the balance between the possibility of additional sales and shareholder policy.