MicroStrategy sells 32 Bitcoins, cashing out $2.5 million to pay interest! How should we interpret this coin sale?

MicroStrategy breaks its promise of not selling coins, sells 32 Bitcoins to cash out $2.5 million for dividends, causing both stock and coin prices to decline. The founder emphasizes the company's shift toward active asset management, becoming a "net buyer" of Bitcoin, hoping to create long-term benefits.

Selling 32 Bitcoins causes MicroStrategy's stock price and Bitcoin price to fall

The well-known Bitcoin reserve company MicroStrategy (Strategy, MSTR) disclosed in its latest filing with the U.S. Securities and Exchange Commission (SEC) that it sold 32 Bitcoins last week, cashing out approximately $2.5 million, with the proceeds used to pay dividends on its STRC perpetual preferred stock.

After selling a small amount of Bitcoin, MicroStrategy still holds 843,706 Bitcoins, with an average purchase cost of $75,699.

Image source: Strategy 8-K filing MicroStrategy sells 32 Bitcoins

Although the amount sold by MicroStrategy is only a tiny fraction of its total holdings, the news still impacted investor confidence. MicroStrategy's stock price dropped about 4% to 6% after the announcement, ultimately closing down 5.85% at $149.78; Bitcoin prices were also affected, falling about 2% to 4.7%, briefly dropping below $71,500.

Image source: Google Finance MicroStrategy stock price and Bitcoin price decline

From Never Selling to Net Buyer

Over the past few years, MicroStrategy has been known for its steadfast Bitcoin holdings, with founder Michael Saylor repeatedly publicly stating that the company would never sell Bitcoin. This sale marks the company's first disclosed sale since December 2022.

However, Saylor had already hinted at the possibility of selling a small amount of Bitcoin. In the Q1 2026 earnings call, Saylor mentioned that MicroStrategy might sell a small amount of Bitcoin to pay dividends on STRC.

Saylor later clarified the misunderstanding about his past statements, emphasizing that the company's actual stance is to become a "net buyer" of Bitcoin, not literally not selling at all, and stated that for every Bitcoin sold, MicroStrategy buys 10 to 20 Bitcoins to ensure its holdings continue to grow.

MicroStrategy CEO Phong Le also stated in May that the company aims to manage its balance sheet more actively. Their new strategy is to transform Bitcoin holdings into a credit engine, by selling small amounts of Bitcoin or issuing related products, to pay dividends and strengthen financial health while increasing the long-term Bitcoin per share.

• **Related report:**Is MicroStrategy just selling small amounts of Bitcoin? Saylor: Just becoming a net buyer, selling 1 Bitcoin and buying 20

How do foreign media interpret MicroStrategy's coin sales?

Regarding MicroStrategy’s first sale of coins in four years, major financial media and market analysts have offered different perspectives.

The Street pointed out that in Q1 2026, MicroStrategy faced a net loss of about $12.5 billion, and its average Bitcoin holding cost was close to the recent market price. Saylor characterized this sale as a financial maneuver, using Bitcoin to support dividend payments, aiming to demonstrate that selling a small amount of assets can bring greater long-term benefits to the company.

CNBC’s interpretation echoes this view, noting that MicroStrategy is shifting from a pure buy-and-hold strategy to active asset utilization and credit expansion.

Senior analyst James Van Straten of CoinDesk said that looking back at the trends in February, March, and April this year, the price lows occurred within the first 10 days of each month, and he expects similar patterns at the end of June due to liquidity shifts at month-end and early month.

He emphasized that the biggest Bitcoin bull Saylor’s selling activity and the 10-day net outflow of funds from Bitcoin ETFs are both excellent contrarian indicators. Currently, hot money is rotating into the software sector, and the next major market catalyst will be Elon Musk’s SpaceX IPO, which will remove a significant pressure on Bitcoin.

The current state of Digital Asset Vault Company (DAT)

Currently, 198 publicly listed companies worldwide have transitioned into Bitcoin digital asset vault companies (DAT), adopting similar reserve and acquisition models as MicroStrategy.

Among these DAT companies, MicroStrategy remains the leader in holdings. The top ten entities and corporations following include Tether-backed Twenty One, Metaplanet, MARA, etc., with Bitcoin holdings ranging from 43,514 to 13,453 coins.

Data from The Block indicates that, although the trend of companies incorporating Bitcoin into their balance sheets is clear, their stock prices are still significantly below the highs of summer 2025, with MicroStrategy’s stock price down about 65% from its peak.

As MicroStrategy continues to push multiple Bitcoin acquisition and financing plans, some investors are beginning to worry about its market value and net asset valuation ratios. However, according to the latest data, MicroStrategy’s market cap to net asset value ratio (mNAV) is around 1.25.

Image source: Strategy Dashboard Based on the latest data, MicroStrategy’s market cap to net asset value ratio (mNAV) is approximately 1.25.

Saylor posted on May 24 that the company would not buy Bitcoin that week but instead buy bonds, calling it “Bitcoin vacuum cleaner,” implying the company is recharging; meanwhile, CoinShares data shows that digital asset investment products (crypto ETPs) have experienced three consecutive weeks of net outflows, with Bitcoin products losing $1.44B, marking the largest weekly outflow this year, with a fear index in the “extreme fear” range at 23.

This content is summarized by Crypto Agent from various sources, reviewed and edited by Crypto City. It is still in training, and may contain logical biases or informational errors. The content is for reference only and should not be considered investment advice.