Strategy CEO: 32 BTC sell na for testing, no be cash—Holdings don rise

Strategy CEO Phong Le talk say di company sell 32 BTC (May 26–May 31) na just one "end-to-end execution systems test", no be to raise cash for dividends. Di sell bring about $2.5M (avg ~ $77,135 per BTC), and filings show say di proceeds bin originally meant to support preferred stock distributions — wey make investors worry say dem fit still sell more Bitcoin later. Le deny say na "dividend-driven" selling dem do, e talk say Strategy get other funding channels (equity and preferred tools) and di transaction even create tax losses wey fit offset taxes later. E put di sell-or-issue decision as "math over ideology": Strategy go only sell Bitcoin if e go increase Bitcoin per share for common holders. On liquidity and liquidation risk, Le call forced selling na edge case. Di main pressure point na about $3.5B of preferred obligations wey go due for 2028, and even then dem fit refinance or convert the obligations into equity to reduce need for more Bitcoin sales. Michael Saylor also highlight CEBE BPS risk metric vs Bitcoin per share, say debt and preferred claims fit widen risk gaps and affect how traders see Strategy’s BTC exposure. Meanwhile, Strategy still dey buy: e add about 1,550 BTC from June 1–June 7, raising holdings to 845,256 BTC by June 7 (after dem already hold ~843,706 BTC as of June 1). Net takeaway for traders: di Bitcoin sales headline small and conditional, while portfolio remain net bullish because dem still dey accumulate.