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Michael Saylor backs STRC after Strategy sells 32 BTC for dividends

2 June 2026 · Source balance: Centre

Strategy Inc, led by Michael Saylor, sold 32 bitcoin for approximately 2.5 million dollars between May 26 and May 31, with the proceeds designated for paying dividends on its STRC preferred stock, which carries an 11.50 percent annual dividend rate. This marks the first bitcoin sale by the company in four years, representing just 0.0038 percent of its 843,706 bitcoin holdings. Following the sale, Saylor posted publicly that the company aims to make STRC the best credit instrument in the world, signaling focus on the preferred equity product. The bitcoin was sold at an average price of 77,135 dollars per coin, above the company's average acquisition cost of 75,699 dollars. Strategy faces approximately 1.5 billion dollars in annual dividend obligations across its preferred stock instruments. Analysts largely agree the sale was economically immaterial to the company's core accumulation thesis, though it represents a symbolic shift from Saylor's longstanding never-sell stance that characterized the company's public messaging for years.

Key facts

  • Strategy sold 32 bitcoin for $2.5 million at an average price of $77,135 per coin between May 26-31, 2026
  • The sale represented 0.0038 percent of Strategy's total 843,706 bitcoin holdings as of May 31, 2026
  • STRC preferred stock carries an 11.50 percent annualized dividend rate and annual dividend obligations around $1.5 billion
  • Strategy holds an established $900 million cash reserve to support preferred stock dividends and debt obligations
  • This was Strategy's first bitcoin sale since December 2022 and follows May earnings call when Saylor said the company would probably sell some bitcoin

How different outlets framed it

Left-leaning coverage: Critics highlight this as evidence of an unsustainable financial model where Strategy prioritizes servicing high-yield dividends over Bitcoin accumulation, with the bitcoin sale potentially signaling a shift toward financial engineering resembling a Ponzi structure. Concerns focus on the company using future capital raises and asset sales to meet escalating obligations from perpetual preferred stock that lacks traditional creditor protections.

Right-leaning coverage: Right-leaning sources and Bitcoin advocates frame the sale as a necessary pragmatic step by a sophisticated operator managing complex capital structures, noting Saylor's transparency about the move beforehand. They emphasize that Strategy still accumulates Bitcoin via new equity issuances and that the sale demonstrates willingness to manage obligations while maintaining a net-positive position on digital assets.

Limits of this briefing

Sources differ on whether the sale signals structural weakness in the STRC model or represents normal treasury optimization. Limited reporting on regulatory perspectives and investor protection implications, particularly regarding STRC shareholders' actual claims on bitcoin reserves.

Sources

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