Strategy (MSTR) Stock: Saylor Breaks Silence After Surprise Bitcoin Sale

TLDR

• Strategy sold 32 BTC for ~$2.5 million to fund distributions on its STRC preferred stock.
• MSTR stock dropped more than 6.5% on Monday before partially recovering.
• Michael Saylor said the goal is to make STRC “the best credit instrument in the world.”
• The sale breaks Strategy’s long-held “never sell” reputation, with Delphi Digital saying the meme is now “broken in practice.”
• Strategy still holds over 843,000 BTC, remaining the world’s largest corporate Bitcoin holder.

Strategy sold 32 Bitcoin last week for approximately $2.5 million. The proceeds are earmarked to fund distributions on its STRC perpetual preferred stock, according to an 8-K filing.

MSTR stock fell more than 6.5% on Monday after the news broke, before paring back some of the decline by early afternoon.

Strategy Inc, MSTR

The average sale price was $77,135 per BTC. Bitcoin was trading around $70,000 at the time of writing, having fallen as low as $60,000 in February.

For context, Strategy’s average cost basis across its full holdings sits at $75,701 per BTC, according to StrategyTracker.com.

The timing has drawn comparisons to the company’s only other Bitcoin sale — December 2022 — when BTC was around $18,000, just weeks after FTX collapsed and prices hit a cycle low near $15,000. Whether this sale also landed near a market bottom is an open question.

The “Never Sell” Meme Is Officially Dead

Digital asset research firm Delphi Digital put it plainly in a Monday note: “The old ‘never sell’ meme is now broken in practice, not just in conference call language.”

The firm argued that markets now see Strategy less as a pure Bitcoin accumulation vehicle and more as a leveraged corporate treasury company. That means pricing in preferred-share dividends, equity issuance, and balance-sheet needs — not just BTC holdings.

Strategy CEO Phong Le had previously noted that selling Bitcoin near the company’s cost basis could reduce potential tax liabilities tied to STRC, which benefits holders of the income-focused security.

Saylor has long argued that the company measures success through Bitcoin-per-share — how much BTC backs each fully diluted share — rather than total BTC held.

What This Means for Strategy’s Bitcoin Stack

Despite the noise, the sale barely dents Strategy’s overall position.

The company still holds more than 843,000 BTC on its balance sheet, making it the largest corporate Bitcoin holder in the world by a wide margin, according to BitcoinTreasuries.NET.

Delphi Digital noted that while the transaction was tiny relative to total holdings, its importance lies in what it signals about treasury flexibility going forward.

Strategy’s BTC reserves, previously seen as a one-way accumulation machine, may now be viewed by investors as a potential liquidity source when financial obligations arise.

Saylor had hinted at this more active approach in May, suggesting selective management of Bitcoin holdings could help optimize shareholder returns over time.

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