MicroStrategy’s Strategy sold 32 bitcoin for $2.5 million between May 26 and May 31—its second bitcoin sale ever—while also issuing stock to raise $128.3 million. The move sent Strategy shares down more than 6% in premarket trading, and bitcoin slid to its low
When Strategy moved 32 bitcoin off its balance sheet between May 26 and May 31, it wasn’t just a line in a filing—it was a moment investors had been watching for ever since the company signaled it might change course.
The company sold the coins for $2.5 million, according to a Monday filing, averaging $77,135 per coin. In the same period, it also sold 801,994 shares of common stock, raising $128.3 million. By premarket trading, Strategy shares were down more than 6%.
Bitcoin itself fell 2% on the news, dropping to its lowest level since April 13.
This was only the second time Strategy has ever sold bitcoin. and it arrived not long after the company announced a pivot away from Michael Saylor’s longstanding “never sell” approach. The new plan centers on actively managing its balance sheet—potentially selling bitcoin if it improves bitcoin-per-share metrics. pays dividends. or strengthens the company’s financial position.
On an earnings call in early May, Strategy CEO Phong Le framed it this way: “We want to be net aggregators of bitcoin – increasing our total bitcoin, but more importantly, increasing our bitcoin per share because we think that is what is going to be most accretive long term for MSTR.”
The company’s broader push is tied to STRC, a yield-paying security issued by Strategy. The idea is to let investors earn income backed by Strategy’s bitcoin-heavy balance sheet without having to buy bitcoin directly. Strategy has said it wants to turn its bitcoin holdings into a “credit engine. ” where demand for income products helps the company grow its bitcoin stack faster than it would through buying and holding alone.
The last time Strategy sold bitcoin was in December 2022, during a bitcoin bear market. That period included rate hikes, the collapse of FTX, and widespread crypto contagion connected to interconnected lending platforms and hedge funds.
Even with that history, the timing of this sale hits a market already under pressure. Bitcoin is more than 42% below its all-time high above $126,000. On Friday, bitcoin ETFs posted their 10th consecutive day of net outflows—the longest streak ever.
A simple question hangs over the latest numbers: if the goal is to be “net aggregators” and push bitcoin-per-share higher, why did selling 32 coins—and raising funds through stock sales—spark a sharp premarket drop in Strategy’s share price and knock bitcoin lower at the same time?
For now, investors have their answer in the sequence itself: the pivot is happening, and the market is reacting in real time.
MicroStrategy Strategy bitcoin sale STRC bitcoin ETFs Phong Le Michael Saylor bitcoin-per-share shares drop May 26 2024 May 31
So they sold 32 bitcoin for $2.5 million… and stocks still dropped? sounds fishy.
I swear “never sell” lasted like 2 months lol. Then they say it’s to boost bitcoin per share but people freak out anyway. Classic.
Wait I thought Strategy was just holding bitcoin like a retirement plan. Now they’re actively selling “if it improves metrics”?? So basically they’re trading it, not aggregating it. Also the article says bitcoin slid but not why, like did the stock sale cause it or the ETFs outflows or both?
Bro this STRC thing sounds like one of those yield products that eats your returns. Selling bitcoin for $2.5M and issuing stock for $128M, and then “bitcoin credit engine”?? If bitcoinper share is the goal why would they do this during a drop. People will say “accretive” but it still spooked everyone.