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The man who turned “never sell your Bitcoin” into a personal brand just sold some Bitcoin. Michael Saylor, Executive Chairman of Strategy Inc. (formerly MicroStrategy), defended the company’s sale of 32 BTC during his appearance at the BTC Prague conference, telling critics that his famous advice was always meant for individuals, not corporations with dividend obligations to meet.
The sale netted approximately $2.5 million at an average price of $77,135 per coin. In the context of Strategy’s total holdings, now sitting at roughly 846,842 BTC, that’s the equivalent of raiding the couch cushions.
What actually happened
Between May 26 and May 31, 2026, Strategy liquidated 32 BTC. It was the company’s first Bitcoin sale since December 2022, a gap of roughly three and a half years.
The proceeds went toward a specific purpose: covering dividends on Strategy’s perpetual preferred stock, known as STRC or “Stretch.” That instrument carries a variable annualized dividend rate of around 11.5%, which means the company has real, recurring cash obligations that need to be met.
Saylor’s defense at BTC Prague was characteristically direct.
“I never said the company wouldn’t sell Bitcoin.”
His argument boils down to a distinction that’s actually pretty important: telling your neighbor to hold their Bitcoin forever is different from running a publicly traded company with preferred shareholders expecting dividend checks. Strategy, he noted, has been transparent about its willingness to sell for operational liquidity for over five years.
The market reaction and the math
The sale triggered a short-lived dip in Bitcoin’s price and a roughly 9% decline in Strategy’s stock price (MSTR).
32 BTC out of 843,706 held at the time of the sale represents about 0.0038% of the company’s total Bitcoin position. Analysts largely agreed the sale was “immaterial” relative to Strategy’s total holdings. By June 2026, Strategy had increased its position to approximately 846,842 BTC through additional purchases, more than replacing what it sold.
The 9% stock decline suggests that a meaningful chunk of MSTR investors were pricing in the assumption that Strategy would literally never sell a single satoshi.
The bigger picture for corporate Bitcoin holders
Strategy’s sale establishes a precedent that companies holding Bitcoin on their balance sheets have payrolls, debt service, dividend obligations, and operational costs that may require selling.
The STRC preferred stock adds another layer to consider. At an 11.5% annualized variable dividend rate, Strategy has created an ongoing cash obligation that must be serviced. The 32 BTC sale might look like a one-off today, but the structural need for liquidity is baked into the capital structure.
Investors evaluating MSTR as a Bitcoin proxy should factor in the reality that the company’s preferred stock obligations create a floor level of selling pressure. In bull markets, this is trivially manageable. In bear markets, it could compound downward pressure at exactly the wrong moment.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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