# MicroStrategy sells Bitcoin for the first time since 2022

**Published:** 2026-07-06T20:04:32.493Z  
**Topic:** Microstrategy Bitcoin  
**Sentiment:** neutral  
**Publisher:** TrendWatcher — https://www.trendwatcher.in/article/e87ba56c-b3eb-406d-a67c-1c026b4fd8c4

MicroStrategy sold 32 BTC (~$2.5 million) to fund $1.7 billion in preferred‑share dividends, ending its “never sell” stance as its stock trades below the value

MicroStrategy (NASDAQ:MSTR) sold 32 Bitcoin – about 0.004 % of its 847,000‑coin treasury – to cover cash‑dividend obligations, marking the first on‑record sale since 2022 and underscoring a shift from its long‑standing “never sell” pledge [1].

| At a glance | |
|---|---|
| Bitcoin sold | 32 BTC (~$2.5 million) |
| Treasury size | ~847,000 BTC (~$51 billion) |
| Stock premium | 0.0× (stock trades below treasury value) |
| Dividend bill | $1.7 billion per year |

## Why the sale matters  
The sale was disclosed in an SEC filing and tied directly to the $1.7 billion annual cash‑dividend the company must pay on its preferred‑share series STRC. Those preferred shares, which funded more than half of Strategy’s Bitcoin purchases in 2026, now trade about 26 % below face value ($74 vs. $100), making them an expensive source of cash. With the preferred‑share dividend bill rising sharply, the company’s cash reserve of roughly $1.4 billion – enough for ten months of payments – is being tapped, prompting the modest Bitcoin sale to keep the dividend fund afloat.

## Erosion of the stock‑to‑Bitcoin premium  
Strategy’s stock has fallen about 79 % from its July 2025 high of $457, while Bitcoin itself is down roughly 51 % over the past year. The premium that once let the company issue new shares at a markup and use the proceeds to buy more Bitcoin has vanished; the stock now trades below the net value of its treasury after accounting for debt and preferred‑share claims. Lenders and preferred holders have first claim on about 41 % of the Bitcoin, leaving common shareholders with a net asset value that matches or trails the market price [1].

## Ongoing buying and future pressure  
Despite the sale, Strategy continues to buy Bitcoin, albeit at a reduced pace – about 520 coins in the most recent week – and directs most of the cash raised from common‑stock sales into its dividend reserve. The company’s debt matures later in 2027, so the immediate pressure is the cash‑dividend rather than a loan call. For the premium to re‑emerge, the stock would need to climb above roughly $183, which aligns with a Bitcoin price near $91,500; otherwise the firm will likely persist with modest sales to fund dividends.

## What to watch
- **Stock price threshold:** $183 per share – a break‑even point for the stock‑to‑Bitcoin premium.  
- **Preferred‑share price:** $100 face value – if STRC trades back toward parity, cheaper capital could resume.  
- **Bitcoin price moves:** $91,500 level – a price that would restore the premium and potentially halt Bitcoin sales.

The sale signals that MicroStrategy’s “never sell” narrative has softened to “avoid net selling,” raising questions about how long the company can sustain its dividend commitments without further eroding the Bitcoin backing each share represents.

## Sources
1. 24/7 Wall St. — [Strategy Is Now Worth Less Than Its Own Bitcoin: Is Saylor about to be forced to sell?](https://247wallst.com/investing/2026/06/26/strategy-is-now-worth-less-than-its-own-bitcoin-is-saylor-about-to-be-forced-to-sell/)
2. AOL — [Michael Saylor Has Kept Bitcoin Afloat. What Happens Now as Strategy Prepares to Sell?](https://www.aol.com/articles/michael-saylor-kept-bitcoin-afloat-140135000.html)

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Cite as: TrendWatcher, "MicroStrategy sells Bitcoin for the first time since 2022", https://www.trendwatcher.in/article/e87ba56c-b3eb-406d-a67c-1c026b4fd8c4