MicroStrategy Sells 32 BTC for $2.5M on May 31, First Sale Since December 2022

According to SEC Form 8-K filing, MicroStrategy sold 32 BTC between May 26 and May 31 for approximately $2.5 million at an average price of $77,135. The disposal marks the company's first Bitcoin sale since December 2022 and represents just 0.004% of its 843,706 BTC treasury. The proceeds are earmarked for dividend payments on STRC, the company's variable-rate perpetual preferred stock currently yielding 11.50% per annum.

MicroStrategy's stock fell nearly 10% following the disclosure. TD Cowen analyst Lance Vitanza stated the market reaction was excessive, calling headlines suggesting a meaningful reduction in the company's Bitcoin position "misleading."