•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
Strategy, the business intelligence firm known for holding large amounts of bitcoin, made two moves in quick succession that briefly unsettled crypto markets. The company first sold 32 bitcoin for about $2.5 million to fund preferred share dividend obligations, then later disclosed that it acquired 1,550 bitcoin for $101.3 million.
Strategy’s initial transaction involved offloading 32 bitcoin, generating approximately $2.5 million. The proceeds were earmarked for dividend obligations tied to its preferred stock. The sale was described as only the second instance of Strategy divesting bitcoin holdings since its last sale in December 2022.
Even though the amount was small relative to Strategy’s overall holdings, the news triggered a sharp market response. Bitcoin briefly fell below $60,000 for the first time since October 2024 before recovering to roughly $63,400.
Shortly after the sale, Strategy filed documentation with the Securities and Exchange Commission indicating it purchased an additional 1,550 bitcoin at a total cost of $101.3 million. The purchase was funded using proceeds from $181 million in equity sales. Strategy’s average acquisition price worked out to $65,332 per bitcoin.
The market turbulence was amplified by Strategy’s long-standing identity as a bitcoin accumulator under Michael Saylor. Investors and analysts closely scrutinize any deviation from the company’s reputation for not liquidating holdings.
Speculation also circulated after a blockchain researcher pointed to an estimated outflow of about 45,000 bitcoin from a Fidelity custody address between May 28 and June 1. Some market participants theorized that Strategy had sold significant holdings around $66,000 per coin.
That interpretation was challenged on context: the Fidelity wallet in question also holds assets for Strategy’s bitcoin and ethereum exchange-traded funds, meaning the outflow could not be conclusively attributed to Strategy’s spot holdings.
Jiang Zhuoer, CEO of BTC.TOP, pushed back against the bearish narrative. In a Mandarin post on X, he argued that Strategy’s debt burden is about 5% of total asset value.
Jiang said that even if bitcoin fell to $30,000, Strategy’s debt-to-asset ratio would rise only to approximately 10%, leaving what he described as no compelling pressure to liquidate large bitcoin positions.
He also explained the mechanics of Strategy’s preferred shares, designated as STRC. The instruments carry an 11.5% annual dividend rate. Jiang stated that Strategy meets these obligations by selling older bitcoin acquired at lower cost bases, which can generate accounting gains. He added that proceeds from issuing new STRC shares are used to fund additional bitcoin purchases, so long as purchases exceed sales Strategy can remain a net accumulator.
Skeptics, however, argued that a prolonged bear market could increase interest expenses and potentially force larger asset sales regardless of current intentions.
Strategy’s equity rose 3.8% on Monday after the bitcoin purchase disclosure, though shares were still down more than 33% over the past 30 days.
Bitcoin traded around $63,400 on Monday, representing about a 10% weekly decline. Strategy’s total bitcoin holdings were reported at 845,256 BTC, valued at approximately $63.9 billion, or about $75,680 per coin.
Michael Saylor, who founded the company in 1989, was cited with an estimated personal net worth of $3.8 billion.
