#微策略出售32枚比特币 "Never sell Bitcoin," then he sold 32 coins

On June 1, Strategy filed an 8-K with the SEC, disclosing the sale of 32 bitcoins from May 26 to 31, at an average price of $77,135, totaling about $2.5 million. After the sale, the company still holds 843,706 BTC, with a total cost basis of $63.87 billion, an average of $75,699 per coin.
The 32 coins represent 0.004% of the total holdings; $2.5 million is equivalent to Strategy’s average daily purchase volume over the past 12 months. From a financial perspective, this transaction is almost meaningless. But what it breaks is far greater than the amount realized; since buying Bitcoin for the first time in August 2020, Strategy has only sold once, in December 2022, when it sold 704 BTC for $11.8 million at an average of $16,776, aiming for tax-loss harvesting, then bought back 810 coins two days later at a lower price. That sale was essentially a tax maneuver, not a genuine reduction of holdings.
But this time is different; the $2.5 million is explicitly marked for paying preferred stock dividends, and Strategy has no plans to buy back.
Dividend bill begins to mature
Starting early 2025, Strategy issued preferred stocks intensively: STRK with an 8% annual yield, STRF with 10%, STRD with 10%, and STRC with 11.5%. The four series are layered, and the company has paid over $693 million in dividends so far.
The logic behind these preferred stocks is that investors give money to Strategy, which uses it to buy Bitcoin, then pays fixed-rate dividends using cash reserves and operational income. When Bitcoin rises, the mNAV premium widens, allowing Strategy to continue issuing new shares for financing. When Bitcoin falls or stagnates, the dividend obligations remain, but the financing window narrows.
MicroStrategy’s Bitcoin accumulation pace
By December 2025, Strategy had established a $2.25 billion cash reserve dedicated to covering dividends and debt payments, which could last about 30 months at the current pace. But by May 31, 2026, this reserve had fallen to $900 million, having depleted $1.35 billion in six months.
In the Q1 earnings call, Strategy CEO Phong Le publicly listed "disciplined sale of Bitcoin" as one of its capital management tools for the first time. Few paid attention at the time, but in hindsight, it was a preview of the sale of 32 BTC.
Saylor posted a tweet on February 2, 2025, saying "Never sell your bitcoin," which was widely retweeted after the 8-K disclosure. He later only discussed STRC’s product positioning, stating that Strategy’s goal is to make STRC the world’s best credit tool, completely sidestepping the topic of selling coins.
On that day, MSTR’s stock fell about 6%, Mizuho maintained a buy rating but lowered the target price from $320 to $265. Most analysts believe the $2.5 million sale has little financial impact, but the core significance lies in the signal: if cash reserves continue to deplete with unchanged dividend obligations, future sales might not stop at 32 coins.
A $100 million text game on Polymarket
Strategy’s sale also triggered a prediction market on Polymarket.
The question was whether Strategy would sell Bitcoin before May 31. The market has traded over $111 million so far. The 8-K shows the transaction occurred between May 26 and 31, with the timestamp recorded as "May 31, 2026, 4:00 PM Eastern Time." But the 8-K was only filed with the SEC on June 1, and the public only learned about it after the deadline.
Buyers of "Yes" say the transaction occurred before the deadline, as the 8-K explicitly states May 31; buyers of "No" argue there was no public information confirming the sale before the deadline, so according to the rules, it should be No. After two No proposals were challenged, the dispute escalated to UMA token voting arbitration.
Polymarket then added a note stating, "Consensus from MSTR, on-chain data, or reliable reports has not confirmed that Strategy sold Bitcoin within the market’s specified time frame. Confirmations outside the specified time frame do not meet the requirements."
Behind this dispute is a deeper issue with Polymarket’s arbitration mechanism. A May survey by The Wall Street Journal found that in most of Polymarket’s dispute markets, over half of the UMA voting power is concentrated in the top 10 wallets, about 60% of active voters can be linked to Polymarket accounts, and roughly one in five disputes involves voters holding the disputed contract position. Since 2026, Polymarket has generated over 1,150 dispute markets, surpassing the total for all of 2025.
It’s not just Strategy selling; Bitcoin has fallen below $72k!
Strategy’s 8-K disclosure coincided with a generally weak market environment, with Bitcoin dropping below $72,000 on June 1, reaching the lowest level since April 13. CoinShares data shows that last week, digital asset investment products saw net outflows of $1.67 billion, the second-largest weekly outflow in 2026. For May, Bitcoin spot ETFs experienced net outflows of $2.3 billion, the largest monthly outflow this year. Digital asset management has shrunk to about $141 billion, the lowest since the start of the year.
Strategy sold 32 coins, but it’s not the first Bitcoin treasury company to act. Q1 data shows selling has become a collective behavior. MARA Holdings sold 15,133 BTC from March 4 to 25, cashing out about $1.1 billion, mostly used to repurchase convertible bonds maturing in 2030 and 2031. Riot Platforms sold 3,778 BTC during the same period, raising $289.5 million, reducing holdings from 19,223 to 15,680 BTC, an 18% decrease. David Bailey’s Nakamoto Holdings sold 284 BTC in March, about 5% of its holdings. Empery Digital sold 370 BTC in April to repay loans. Genius Group liquidated its last 84 coins to pay off $8.5 million in debt.
In Q1 alone, MARA, Riot, and Nakamoto sold over 19k BTC combined. On-chain data from CryptoQuant shows that at the end of March, Bitcoin’s apparent demand dropped to a negative 63,000 coins, indicating a deep market contraction where overall selling pressure significantly exceeds buying.
Some companies are not just selling coins but outright abandoning the treasury model. Forum Markets (formerly ETHZilla) liquidated about $114 million worth of ETH at the start of the year, shifting to tokenization services. VivoPower initially planned to build an XRP treasury but shifted to data centers and AI infrastructure in February, disposing of all XRP holdings.
On May 28, French semiconductor company Sequans Communications confirmed it had fully repaid its convertible bonds by selling its Bitcoin holdings, and plans to gradually liquidate the remaining 658 BTC. The company’s peak Bitcoin holding was 3,234 coins.
Sequans previously announced it would hold over 3,000 BTC as long-term reserves, but that "long-term" lasted less than a year. Its stock (ticker SQNS) has fallen 77% this year, with a five-year decline of 97%. The business model of Bitcoin treasury companies was validated during the 2025 rally, as rising coin prices pushed up mNAV premiums, allowing them to issue new shares or convertible bonds to buy more coins, creating a positive feedback loop. After the market peaked in October last year, this flywheel reversed. Falling prices compressed premiums, financing windows narrowed, and dividend and debt obligations remained unchanged, making coin sales the most direct liquidity source. According to Bitwise, by the end of Q1, listed companies held about 1.15 million BTC, representing 5.47% of the total supply. This scale itself poses a risk: if multiple treasury companies are forced to sell simultaneously, they are both the largest buyers and potentially the most concentrated selling pressure.
Few companies are still buying; Strive bought about 1,944 BTC in May, spending around $150 million, and Metaplanet bought 5,075 BTC in early April. Strategy itself was still buying in May, accumulating over 25k BTC that month, worth more than $2 billion.
Spending $2 billion to buy while taking out $2.5 million for dividends shows that Strategy is still far from a liquidity crisis. But the signal from selling 32 coins is that even the biggest hodlers are beginning to see selling as a tool in their toolbox.