The management recently explained the reasons behind the company’s prior sale of 32 bitcoins. The company disclosed that this transaction was primarily intended to test its internal selling process and to acclimate the market to the possibility of occasional small-scale disposals from its bitcoin treasury, rather than signaling a shift from its long-term holding and accumulation strategy.
Selling is not used to finance dividends.
Strategy CEO Phong Le told CNBC on June 11 that the sale was not intended to raise funds for dividend payments. According to him, the company still has other financing options available to fulfill its dividend obligations.
However, he also noted that selling Bitcoin could still be considered as one of the optional strategies in the future if management believes it would benefit common shareholders.
Sold 32 BTC at the end of May
Between May 26 and May 31, the company sold 32 bitcoins at an average price of $77,135, totaling approximately $2.5 million in proceeds. Due to Strategy’s long-term commitment to holding bitcoin as a core reserve asset, this transaction attracted market attention.
In terms of position size, this sale represents a very small portion, but external observers are more focused on whether the company is beginning to adjust its Bitcoin treasury strategy. Phong Le’s comments suggest this transaction is more of an operational test than a strategic shift.
- Amount for sale: 32 BTC
- Average price: $77,135
- Cash-out amount: approximately $2.5 million
Management continues to signal intentions to increase holdings.
After Phong Le explained the reasons for the sale, Michael Saylor, founder and chairman of Strategy, continued to signal a bias toward accumulation. He posted on social media, “Still adding dots,” a phrase the market typically associates with updates on the company’s Bitcoin purchase tracking.
Saylor also discussed how a company’s capital structure affects shareholder exposure to Bitcoin. He noted that if a company has no debt or preferred stock, its metrics will be more aligned, and its overall exposure will behave more like a Bitcoin ETF.
At the Bitcoin Corporate Day event on June 12, Saylor also stated that, excluding stablecoins, Bitcoin's market dominance has risen from approximately 41% in 2021 to nearly 70%. He added that as competition intensifies from networks such as Ethereum, Solana, and BNB, investor confidence in Ethereum has weakened.
Bitcoin treasury companies place greater emphasis on managing sale expectations.
Phong Le noted that the company’s move also aims to reduce the risk of future market misinterpretation. For publicly traded companies with Bitcoin as a core treasury asset, even small-scale sales can be perceived as a strategic shift.
Therefore, testing internal processes in advance and communicating to investors that "small-scale sales do not equate to ceasing accumulation" has become part of how such companies manage market expectations.
Additional information: The strategy has long raised funds through bond issuance, preferred stock offerings, and equity financing to purchase Bitcoin. Management’s recent statement indicates that these channels remain the company’s primary tools at present.