Ultimatum! $BTC giant whale makes its first sell-off—its cost basis has already been breached. Is the next move a bloodbath or a dip-buy?

The world's largest corporate $BTC holder Strategy has finally broken the "buy and hold only" myth.

In the 8-K filing submitted on Monday, they admitted to selling 32 $BTC between May 26 and 31 at an average price of $77,135, totaling about $2.5 million. This transaction accounts for only 0.004% of their total holdings (843,706 coins), but its significance is a hundred times greater than its scale—this is the first time Strategy has officially disclosed using Bitcoin to pay dividends on preferred stock.

After the news broke, MSTR's stock dropped over 5% pre-market, and $BTC fell below $72,000 in response. As of May 31, Strategy's average cost basis was $75,699, and the recent sale price was about 1.9% above cost, seemingly profitable. But note that by Monday, $BTC had already fallen below $72,000—meaning the remaining 840k coins are now on paper at a loss overall.

Market analysts point out that the motive for this small-scale sell-off is clear: to fulfill the dividend obligation on preferred shares without using other cash. But a deeper signal is—if $BTC continues to decline, will this giant whale’s dividend payment ability rely increasingly on asset liquidation? Once this cycle forms, the selling pressure will no longer be just 0.004%.

Now that the price is below the institution’s cost line, according to the "exposure of the bottom line" logic, institutions are more panicked than you. But historically, the first sale is often just a test. At this point, you can choose fear or data. My advice is: keep an eye on on-chain wallets and watch their next moves.

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