Strategy Sells 32 Bitcoins and Raises $128.3 Million via ATM
Strategy sold 32 Bitcoins last week at an average price of approximately $77,135 each, raising $2.5 million to pay preferred stock dividends.
During the same period, it sold 801,994 shares of MSTR common stock through its ATM program, netting approximately $128.3 million. As of May 31, 2026, the company holds a total of 843,706 Bitcoins, with a total holding cost of about $63.87 billion, averaging $75,699 per Bitcoin.
Market Mechanism: As a seller, Strategy is making small-scale Bitcoin sales to gain liquidity while attracting institutional buyer funds through the equity market. Capital flows from stock issuance to Bitcoin accumulation and dividend payments, benefiting Strategy by maintaining its Bitcoin holdings and slightly adjusting market expectations of the company’s "never sell Bitcoin" stance, enhancing BTC's financial attributes.
Supplementary Data: Michael Saylor indicated that in the future, they might sell 20 basis points of BTC monthly, but simultaneously buy 5 to 10 times that amount to maintain net purchases.
Source: Public Information
ABAB AI Insight
MicroStrategy (Strategy) has been implementing the "Bitcoin Treasury" strategy under Michael Saylor since 2020, having repeatedly made large-scale BTC purchases through convertible bonds and ATM equity financing. This small-scale sale marks the first public adjustment of its strategy from "buy only, never sell" to "strategic liquidity management."
In terms of capital flow, Strategy raised $128.3 million by selling shares through the ATM while making small Bitcoin sales to pay dividends. The motivation is to use low-cost equity market funds to support Bitcoin holding expansion and maintain preferred stock dividends, creating a dynamic balance of "sell less, buy more" to optimize capital structure.
Similar companies like Semler Scientific and Metaplanet, which adopt Bitcoin reserve strategies, indicate that Strategy is currently transitioning from aggressive accumulation of Bitcoin as a corporate reserve asset to sustainable financial engineering, focusing on balancing liquidity with long-term holding credibility.
Structural Judgment: Essentially, this represents a transfer of pricing power. By publicly engaging in small-scale Bitcoin sales, Strategy actively manages the market's cognitive bias regarding BTC as a "zero liquidity" corporate reserve asset, avoiding extreme holding expectations that could weaken its financial credibility. This repositions Bitcoin from a mere hoarding tool to a dynamically managed corporate asset, shifting pricing power from passive holders to active capital allocators.
ABAB News · Cognitive Law
Never selling equates to zero liquidity, which weakens asset credibility rather than enhancing it.
Small sales act as leverage, not a betrayal of long-term holding.
Those who truly believe in the asset protect its financial attributes through trading.