Strategy CEO: 32 BTC Sale for Testing, Not Cash—Holdings Rise

Strategy CEO Phong Le said the company’s 32 BTC Bitcoin sale (May 26–May 31) was an end-to-end execution “systems test,” not a move to raise cash for dividends. The sale brought about $2.5M (avg ~$77,135 per BTC), with filings indicating proceeds were originally expected to support preferred stock distributions—sparking investor concern about future Bitcoin sales. Le denied any “dividend-driven” selling need, arguing Strategy has other funding channels (equity and preferred tools) and that the transaction also created tax losses that may offset later taxes. He framed the sell-or-issue decision with “math over ideology”: Strategy would sell Bitcoin only if it improves Bitcoin per share for common holders. On liquidity and liquidation risk, Le called forced selling an edge case. The most relevant pressure point is roughly $3.5B of preferred obligations due in 2028, and even then refinancing or converting obligations into equity could reduce the need for further Bitcoin sales. Separately, Michael Saylor highlighted the CEBE BPS risk metric versus Bitcoin per share, noting debt and preferred claims can widen risk gaps and affect how traders interpret Strategy’s BTC exposure. Meanwhile, Strategy continued buying: it added about 1,550 BTC from June 1–June 7, lifting holdings to 845,256 BTC by June 7 (after already holding ~843,706 BTC as of June 1). Net takeaway for traders: the Bitcoin sales headline was small and conditional, while the portfolio remains net bullish via continued accumulation.