MicroStrategy’s MSTR stock tumbled 31% in a month after the company sold 32 Bitcoin for $2.5 million between May 26 and May 31, marking its first cryptocurrency sale since late 2022.
The sale, disclosed in a Monday filing, was conducted to fund preferred stock dividend payments. Strategy had long maintained a “never sell” policy under founder Michael Saylor, but CEO Phong Le signaled in early May that the company might break that rule to cover obligations. The 32-coin sale represents just 0.004% of Strategy’s total Bitcoin holdings of roughly 843,700 coins.
Strategy sold the Bitcoin at an average price of $77,135 per coin, according to CNBC. The company’s last Bitcoin sale came in December 2022, when it offloaded 704 coins during the depths of the crypto downturn, then immediately resumed buying.
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The stock’s sharp decline reflects investor concern that the sale signals a strategic shift. Strategy had positioned itself as a leveraged Bitcoin proxy, with its appeal partly rooted in the company’s commitment to accumulate rather than sell. The market reaction suggests that even a minimal sale can shake confidence in that thesis.
At current Bitcoin prices around $64,000, Strategy is trading far below its average cost per coin and faces a $17.44 billion unrealized loss on its digital asset holdings, according to Yahoo Finance reporting on Q4 2025 results.
Sources
- CNBC — Confirmed the sale of 32 Bitcoin for $2.5 million between May 26 and May 31 at an average price of $77,135 per coin, disclosed in a Monday filing.
- Yahoo Finance — Reported MSTR dropped 31% in a month after the sale, confirmed the sale was to fund preferred dividends, and noted the $17.44 billion unrealized loss on digital assets.
- WSJ — Confirmed this was Strategy’s first Bitcoin sale since 2022.
