Strategy Sold Bitcoin for Only the 2nd Time Ever — Here's Why (And Why It's Bullish for MSTR)

No buy this week. Strategy sold Bitcoin.

32 BTC. Tiny. Deliberate. And exactly what Saylor told us he would do.
This is the new capital allocation toolkit in action — and it's worth understanding.

*📊 What happened (May 26–31):*
32 BTC sold at ~$77,200 avg — proceeds fund preferred distributions
Holdings: 843,706 BTC on the balance sheet
$128M raised via MSTR common — straight to USD Reserve, not Bitcoin
USD Reserve: $900 million
Amplification ratio: 37% — preferred equity + debt = 37 cents per dollar of Bitcoin
STRC at $99 — $1 below par, ATM stays closed
STRC dividend rate: 11.5% confirmed unchanged for June

*📖 Only the 2nd Bitcoin sale in Strategy's history:*
First: December 2022 — 704 BTC sold for tax loss harvesting, promptly repurchased
This time: new capital allocation policy, fully telegraphed by Saylor
32 BTC = 0.004% of the stack. A scalpel, not a sledgehammer.

*💡 The mNAV defense mechanic — explained:*
When MSTR trades at a compressed premium to Bitcoin NAV, selling BTC to buy back shares is accretive to Bitcoin per share
Sell Bitcoin at market value → buy back shares trading below that per-share Bitcoin value → every remaining shareholder owns more Bitcoin per share
Defends against shorts betting on mNAV compression
Reduces shares outstanding
Counterintuitively: can result in more Bitcoin per share even as the total stack shrinks slightly

*🧹 Supply vacuum — still enormous:*
No purchase + tiny sell = vacuum effectively paused this week
YTD: 171,238 BTC bought vs. 67,950 mined
Still buying at 2.5x the global mining rate for the year
Supply vacuum: 103,000+ BTC — still above 100,000

*⚙️ Digital credit update:*
STRC ex-dividend: June 15 — hold before then to collect end-of-June dividend
Semi-monthly dividend vote: June 8th — changes the instrument permanently if passed
Strive: SATA had an epic week ahead of ex-div — Matt Cole announces $2.1B ATM expansion for both ASST and SATA
More on Strive tomorrow

*🤝 SUPPORT THE SHOW:*
🏛️ BitGo — bitgo.com
🔒 COLDCARD — store.coinkite.com | Use code 6BT for 6% off
🏦 Arch Lending — archlending.com
⚡ Hemi — hemi.xyz

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🟠 Stay Orange.

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