Strategy sells 32 Bitcoin as its BTC reserve reaches 843,706 coins

Strategy, formerly MicroStrategy, held a reserve of 843,739 bitcoins at the end of May 2026, equivalent to 4% of the global supply. For several months, these holdings have weighed on the company as it faces debt repayments and dividend commitments. It has now sold a small number of bitcoins.

According to recent official filings, Strategy, previously known as MicroStrategy, sold 32 bitcoins last week for a combined $2.5 million. At the same time, Michael Saylor’s company raised $128 million by issuing new shares. This marks the first occasion since 2022 that the business has sold units of the asset on which it built its reputation and which accounts for almost all of its treasury. With 843,706 bitcoins now in its possession, Strategy still controls 4% of the worldwide supply of the leading cryptocurrency.

In earlier financial reports, Strategy had already flagged this shift in approach. Rather than pledging never to sell Bitcoin, it now intends to sell in a disciplined manner, as a capital-management tool to repay obligations and support dividend distributions. That has now happened.

Strategy confronted with a Bitcoin price halved

When publishing its latest results, Strategy confirmed that it had paid its preferred dividends while raising its cash reserve to $900 million. In 2026, concerns over the company’s ability to pay shareholders and repay its borrowings had become increasingly acute, as Bitcoin’s price had fallen by half from its peaks in August and October 2025, when it exceeded $120,000. Strategy made its first Bitcoin purchases in the summer of 2020.

With an average purchase price of $75,699 per Bitcoin, Strategy’s portfolio is underwater, carrying a substantial unrealised loss that is difficult to absorb while continuing to borrow and service outstanding debt. Through its executive chairman and co-founder Michael Saylor, Strategy had long promoted the “Never Sell” doctrine. In 2022, he stepped down as CEO to focus on this Bitcoin acquisition strategy in his role as executive chairman.

Strategy bought more than 171,000 BTC in 2026

Over six years, Strategy has become the benchmark among companies that have adopted Bitcoin as their primary corporate treasury reserve asset. Initially, Michael Saylor’s rationale was to shield Strategy’s capital from high inflation in the period after the pandemic and at the start of the war in Ukraine. As Strategy’s funds are not unlimited, he introduced new preferred shares to keep acquiring more tokens. The record years were 2024, with 381,434 BTC, and the first six months of 2026, with 171,238 BTC, financed through these new variable-rate preferred shares (STRC).

Selling Bitcoin could trigger a BTC collapse

The sale of 32 bitcoins is exceedingly small compared with the pace at which the company has been buying fresh cryptocurrency units. Nevertheless, Strategy is so deeply involved in the global BTC supply that any change in its doctrine could have serious repercussions. If the company were to agree to sell bitcoins in order to repay debt and pay shareholders, the entire market could follow suit in an effort to protect itself. BTC’s price would fall further.