Michael Saylor’s company sold some Bitcoin. Read that sentence again, because it hasn’t been true since 2022.

Strategy, the firm formerly known as MicroStrategy, disclosed in an SEC 8-K filing on June 1 that it sold 32 BTC for approximately $2.5 million between May 26 and May 31. The average sale price came in around $77,135 per coin after fees. The proceeds were earmarked for distributions on the company’s preferred stock.

In raw numbers, 32 BTC represents roughly 0.004% of Strategy’s total holdings of approximately 843,700 BTC. Strategy’s shares dropped about 5.85% following the disclosure. Bitcoin itself fell approximately 2%, sliding to its lowest level since mid-April.

The end of “never sell”

Discussions led by CEO Phong Le and Saylor himself suggest the company may sell BTC in the future when doing so benefits per-share metrics. In plain English: if selling a sliver of Bitcoin makes the stock look better on a per-share basis, management is now willing to pull that trigger.

The company’s entire Bitcoin stash was acquired at an average cost of roughly $75,699 per BTC. Selling at $77,135 means the 32-coin transaction generated a modest profit. The real significance lies in what it signals about future behavior.

Polymarket chaos

The sale triggered a sprawling dispute on Polymarket, the blockchain-based prediction platform. Bettors had placed wagers, estimated between $14 million and $80 million, on questions related to the timing of Strategy’s Bitcoin sale. When the disclosure dropped, conflicting interpretations of the bet’s resolution criteria led to an ongoing dispute among participants.

What this means for investors

Strategy sold Bitcoin specifically to fund distributions on its preferred shares. That creates a direct link between Bitcoin liquidation and shareholder obligations, one that could become more relevant if preferred stock distributions grow or if Bitcoin’s price drops significantly below the company’s cost basis.

Strategy has inspired a wave of corporate Bitcoin treasury strategies, from companies like Metaplanet in Japan to various smaller firms adopting similar playbooks. If the original architect of the corporate Bitcoin accumulation strategy starts selectively selling, it could give other corporate holders permission to do the same.