Michael Saylor clarifies Strategy’s Bitcoin sale amid 'never sell' debate

The sale, executed between May 26 and May 31, marked the company’s first divestment since December 2022. While the 32 BTC represented a negligible 0.0038% of the company's holdings, the move sparked intense scrutiny from traders accustomed to Saylor’s uncompromising accumulation mantra. Regulatory filings later clarified that the proceeds were earmarked for preferred stock dividend payments due June 30, covering series including STRF and STRC.

Any concerns regarding a shift in strategy were largely quieted by subsequent disclosures. Between June 1 and June 7, Strategy purchased 1,550 BTC for $101.3 million, roughly 50 times the volume of the prior sale. This move pushed the company’s total holdings to 845,256 BTC. By utilizing proceeds from at-the-market share programs to fund both dividends and new acquisitions, the firm maintains its position as the world's largest public corporate Bitcoin holder. The episode highlights the tension between maintaining a pure-play treasury and managing the recurring cash obligations inherent in public company stock distributions.