Strategy Sells Bitcoin for First Time Since 2022, Pressure Mounts Across Investor Base

Bloomberg reports that three key investor groups tied to Michael Saylor's Strategy are feeling increasing strain: Bitcoin holders, leveraged equity traders and preferred shareholders. Strategy sold 32 Bitcoin this week—its first sale since late 2022—marking a departure from its long‑standing "never sell" stance. The move comes as Bitcoin slides to a four‑month low, Strategy's shares trade about 70% below last year's peak, and its STRC preferred stock has dropped under its $100 par value. STRC currently carries an annualized dividend yield of 11.5%. If market conditions weaken further, the burden of sustaining dividend payments is expected to grow. Analysts estimate that raising the dividend rate would add roughly $1.7 billion in costs, while keeping the current rate could invite additional downside pressure on the preferreds. Strategy is set to vote Monday on shifting dividend payments to a bimonthly schedule, a step aimed at supporting the preferred share price. Arca's chief investment officer said that without a Bitcoin rebound before the company's cash buffer runs down, it will be difficult to protect all stakeholders. StoneX, in contrast, views the sale as evidence Strategy can meet obligations without meaningfully reducing its Bitcoin holdings.