Michael Saylor’s Strategy Sells 32 Bitcoin For $2.5 Million For The First Time Since 2022

• Strategy announced on Monday that it sold 32 Bitcoin during the past week, marking its first Bitcoin sale since December 2022.
• MSTR shares fell more than 5% in premarket trade following the announcement.
• Bitcoin dropped below $72,000 and was down roughly 2.5% over the previous 24 hours.

Shares of Strategy (MSTR) plummeted in pre-market trade on Monday after the Michael Saylor-backed company announced it had sold 32 Bitcoin (BTC) over the past week, marking its first-ever sale since 2022.

MSTR’s stock fell more than 5% in pre-market trade. Retail sentiment on Stocktwits around the Bitcoin proxy trended in ‘bearish’ territory over the past day, accompanied by ‘normal’ levels of chatter.

The news of the sale pushed Bitcoin’s price below $72,000, down 2.5% in the last 24 hours. Retail sentiment around the apex cryptocurrency on Stocktwits trended in ‘extremely bearish’ territory over the past day, alongside ‘normal’ levels of chatter.

The company has only ever sold Bitcoin once in its history, in December 2022, when it  sold 704 BTC for around $11.8 million. At the time, Saylor said the sale was to generate tax benefits. This time around, he said it is to maximize Bitcoin-per-share.

Strategy’s Bitcoin Sale Leaves Retail Traders Confused

According to the company's filing with the Securities and Exchange Commission (SEC), Strategy sold 32 BTC between May 26 and May 31 for approximately $2.5 million. The company said the latest sale proceeds are expected to fund preferred stock dividends. 

Retail traders on Stocktwits  were confused about why the transaction was for such a small amount. A sale of 32 BTC only accounts for around about .0038% of the company's total holdings.

The filing also show that Strategy sold 801,994 of MSTR common stock for around $128.3 million. The firm’s total Bitcoin holdings now stand at around 843,706, purchased at around $75,699 per Bitcoin.

Bitcoin Sale Follows Weeks Of Public Hints

Saylor had hinted that the company may sell some of its Bitcoin holdings during the company’s first quarter (Q1) earnings call. In an interview last month, he stated that there was no way for the company to maximize its Bitcoin-per-share in the next seven years, unless it sold some of its holdings. 

CEO Phong Le added that the company would sell its Bitcoin at cost basis, allowing it to break even and avoid any tax implications. Speculation came to a head last week after Strategy moved $30 million in Bitcoin to Coinbase Prime.

MSTR’s stock also received a price target cut from Mizuho on Monday morning. The firm slashed its outlook on the shares to $265 from $320 but maintained its 'Outperform' rating. It also reduced its year-end 2027 Bitcoin forecast to $94,000 from $128,000, citing a more cautious market outlook.

Read also: Trump Says 'Iran Really Wants To Make A Deal'— But BTC Is Still Down, Oil Is Still Up, And ETFs Are Still Bleeding

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