Strategy shares fell after the company disclosed that it sold $2.5 million in bitcoin last week, marking its first bitcoin sale since 2022. The move came as geopolitical uncertainty continued to pressure the cryptocurrency market and added fresh attention to how Michael Saylor’s company is managing its balance sheet.
Between May 26 and May 31, Strategy sold 32 coins at an average price of $77,135 each, according to a Monday filing. During the same period, the company also sold 801,994 shares of common stock and raised $128.3 million.
Market reaction
The disclosure hit both Strategy and bitcoin. Strategy shares dropped 5.85%, while bitcoin fell 2% on the news and touched its lowest level since April 13.
The selling also stood out because Strategy has long been known for its aggressive bitcoin accumulation. The company’s latest move signals a more flexible approach after it recently said it may sell bitcoin if doing so improves bitcoin-per-share metrics, supports dividends, or strengthens the firm’s financial position.
A shift from the old playbook
This was only the second time Strategy has ever sold bitcoin. The previous sale came in December 2022, when the crypto market was under heavy strain from rising rates, the FTX collapse, and broader contagion across connected lending firms and hedge funds.
That backdrop makes the new sale more notable, because it reflects a change from Saylor’s earlier “never sell” stance. Strategy CEO Phong Le said during the company’s earnings call in early May, “We want to be net aggregators of bitcoin – increasing our total bitcoin, but more importantly, increasing our bitcoin per share.”
Why Strategy is changing course
The company’s new approach is tied to STRC, a yield-paying security it issued to give investors income backed by Strategy’s bitcoin-heavy balance sheet. The structure is designed to help turn bitcoin holdings into a credit engine, where demand for income products can help the company expand its bitcoin stack faster than by simply buying and holding.
That strategy arrives at a difficult time for the broader market. Bitcoin remains more than 42% below its all-time high above $126,000, and bitcoin ETFs on Friday logged their 10th straight day of net outflows, the longest streak on record.
For investors, the sale shows that Strategy is no longer treating bitcoin only as a reserve asset to hold indefinitely. The company is now signaling that bitcoin can also be used as an active tool in capital management, even if that creates short-term pressure on its stock and on sentiment around the broader crypto market.
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