Strategy Sells 32 BTC for $2.5M

[JiiBs]

I noticed bitcoin price and the crypto market are in red right now. I think this is one of the major reasons for the fall in few hours ago till now.

But the amount sold is small compared to the amount they are buying.

In my most recent comment on holdings and selling, this view of inconsequential sales to what they buy or are holding is worth noting to be in agreement on how one should sell in this space.
With Bitcoin being a commodity that is valued by time through long term holding, it’s okay to say the 32BTC sold surely did give them some profit and it’s not of much significance to their holdings.

Still, it is very significant to most of us that haven’t got 1% of that amount.
It possibly could be the reason for further dumps on the chart but, that’s largely due to perceptions as weak hands would be forced to sell as well, to follow what MS is doing.

[sunsilk]

Compared to the billions that they're holding, that small sell off means nothing to the market. But the impact of it looked badly.

The market crashed and it's now down below $70k. So with small fractions of selling of Strategy, it had made significant impact for the retailers to do the same thing.

I will take his word for some exception this time. But that doesn't mean that they're not going to sell next time. If they do this in window periods, it means they're securing profits.

[d5000]

I read in another thread that the "test sale theory" basically can be considered confirmed because Saylor even talked about his intention to "inoculate the market" in an interview in early May.

Now the interesting thing is: which conclusion can they draw from this test?

In three days the market dumped around 10%. I wonder if they expected that, or if it is more than they expected, or if they attribute the dump to the crisis in Iran? The last assumption can be more or less discarded because the stock markets ran sideways or even slightly bullish today.

Another assumption which could explain the extreme market impact of such a small sale, are cyclical reasons. It's like the narrative shifted from slight optimism to fear, some might think "even the most stubborn maximalists sell", and then they fear lower lows like in previous "cycles". At least the "supercycle" theory looks worse again.

I think it's likely they will cease to sell more bitcoins in the next days and weeks, to not scare the market any more. Instead I almost smell a large buy of 1000 BTC or more in the low 60s.

[Wind_FURY]

I was just reading about Polymarket ruling the wrong way on Strategy selling bets because it was disclosed a day later. The lawsuits are going to come pouring in now. Polymarket had better figure something out. This is the sort of thing that can absolutely destroy a business.

  👀

I heard about that. That will definitely hurt their standing in the wider crypto community. But if not Polymarket, what are the other prediction market services that are MORE trustworthy than Polymarket?

I believe there's a flaw in their system if situations such as that actually happen, no?

  ¯\_(ツ)_/¯

[avp2306]

I read in another thread that the "test sale theory" basically can be considered confirmed because Saylor even talked about his intention to "inoculate the market" in an interview in early May.

Now the interesting thing is: which conclusion can they draw from this test?

In three days the market dumped around 10%. I wonder if they expected that, or if it is more than they expected, or if they attribute the dump to the crisis in Iran? The last assumption can be more or less discarded because the stock markets ran sideways or even slightly bullish today.

Another assumption which could explain the extreme market impact of such a small sale, are cyclical reasons. It's like the narrative shifted from slight optimism to fear, some might think "even the most stubborn maximalists sell", and then they fear lower lows like in previous "cycles". At least the "supercycle" theory looks worse again.

I think it's likely they will cease to sell more bitcoins in the next days and weeks, to not scare the market any more. Instead I almost smell a large buy of 1000 BTC or more in the low 60s.

I guess Saylor's giving a hint for a possible sale gives confirmation that they are really testing the waters. Then they try to explore on how the market reacts when finally they have done those small sales on their stash.

That 10% price drop in span of three days somehow shows how sensitive the people towards those news they are reading. Now narrative has change and people say that a Bitcoin maximalist have probabilities to sell their Bitcoins and this is what we have seen on Strategy now. But I believe the deeper reason still the crisis happening on Iran. So most likely Strategy will definitely pause any plans to sell more Bitcoin, since for sure they don't want to add up the reason for the market to bleed more.

I believe their next action is to wait for perfect opportunity to buy lots of Bitcoin at much cheaper price.

[MArsland]

I noticed bitcoin price and the crypto market are in red right now. I think this is one of the major reasons for the fall in few hours ago till now.

But the amount sold is small compared to the amount they are buying.

It is not the amount of BTC sold by Saylor that raises but the effect of concern where he is one of the largest holders so that his every action and activity attracts the attention of many parties. Even if Saylor sold 10 BTC, the market reaction could have been affected because Saylor activities have an appeal that triggers an overreaction among followers and investors.

[Oshosondy]

I noticed bitcoin price and the crypto market are in red right now. I think this is one of the major reasons for the fall in few hours ago till now.

But the amount sold is small compared to the amount they are buying.

It is not the amount of BTC sold by Saylor that raises but the effect of concern where he is one of the largest holders so that his every action and activity attracts the attention of many parties. Even if Saylor sold 10 BTC, the market reaction could have been affected because Saylor activities have an appeal that triggers an overreaction among followers and investors.

Yes, I know that. This is very common in all markets. What that happened in the market may not be the amount sold by Strategy, but it may how people reacted to the market and this a good example of one of them. 32 BTC is so small compared to the total amount of BTC that Strategy is holding. But after the announcement, bitcoin spot ETF outflow increased, people sold bitcoin and leading to bitcoin getting to $65400 again.

[Satofan44]

The strategy of this company is actually sub optimal if the goal is to acquire Bitcoin at every cost. If they wanted to acquire the most amount of Bitcoin for themselves without caring about anything at all then they should be trying to sell when prices are high and buy back when prices are low.

My guess is that they buy Bitcoin when it's most convenient for them, i.e. when they feel that there is potential that they can sell more bonds. That potential depends on the investors' belief where the Bitcoin price is going to go.

This means they would buy probably in those situations:

- when the market is bullish (but only while it makes sense for them, as they can't buy every day)
- in "dips" when at least a part of investors believe the market could become bullish again
- deeper in the bear market when there are some signs the market could turn bullish again

While they highly depend on the BTC/USD price, it isn't important for them in the two last situations that the price indeed turns bullish. Low Bitcoin prices can also have advantages for them: as the share prices are low in bearish BTC/USD situations, and their running costs of the company are low, they can then use their capital to buy back shares. What matters is that the system stays more or less balanced, so in the next favourable (bullish) phase - even if it's an intermediate phase - they can expand again.

Well, I do not know if this strategy is the optimal one because you see they have built a lot of dividend and some debt obligations to acquire the Bitcoin that they have. In the recent years it has turned from a very low risk vehicle because the debt that it had was at excellent terms (long repayment date, extremely low interest rate, possibility to refinance) to a medium risk vehicle due to various dividend obligations. They need to figure out a way to get out of this or I can see this going bust in a protracted bear market (which may or may not be caused by events directly relating to Bitcoin). It would be even worse if besides failing to do that, they actually continue to increase the risk and create even more dividend obligations as the time continues to pass.

I noticed bitcoin price and the crypto market are in red right now. I think this is one of the major reasons for the fall in few hours ago till now.

Several times I saw you making a thread about Bitcoin price movements even on one occasion I saw you claiming to be a trader.
But is a trader only fixated on the information about the Strategy that only sells 35 BTC?

It is ridiculous how low quality threads like this are, but unfortunately theymos considers them "substantial".

Hi.. Bro, most of them always adore Strategy and even the method he uses, namely DCA. lol
So don't be surprised, when the price of Bitcoin fell they were still associated with the news of the Strategy selling its BTC.

Basic people practice reductionism on anything that they can instead of getting educated and increasing their brain capacity. As you can see in cases like this one, extremely complicated events (market movements) are most often attempted to be reduced to a single reason and worse at times for a reason that does not even make sense (a sale of 32 BTC in alignment with what was publicly announced before). Although many weak but smarter individuals here refuse to admit it, most people here and in the wider world are extremely mentally handicapped.

I read in another thread that the "test sale theory" basically can be considered confirmed because Saylor even talked about his intention to "inoculate the market" in an interview in early May.

Now the interesting thing is: which conclusion can they draw from this test?

In three days the market dumped around 10%. I wonder if they expected that, or if it is more than they expected, or if they attribute the dump to the crisis in Iran? The last assumption can be more or less discarded because the stock markets ran sideways or even slightly bullish today.

Both Strategy and Bitcoin dumped around this time, but it could be just a matter of timing. The response to the Strategy share price is clear, the market does not want them to sell Bitcoin especially since it was happening during bullish movement of stocks. The price of Bitcoin is quite interesting in these times, it is decoupling from everything it was correlated with.

Another assumption which could explain the extreme market impact of such a small sale, are cyclical reasons. It's like the narrative shifted from slight optimism to fear, some might think "even the most stubborn maximalists sell", and then they fear lower lows like in previous "cycles". At least the "supercycle" theory looks worse again.

I can't agree with that yet, it has to go at least lower than the flash crash in February which had a daily close at $62k.

I think it's likely they will cease to sell more bitcoins in the next days and weeks, to not scare the market any more. Instead I almost smell a large buy of 1000 BTC or more in the low 60s.

Perhaps Strategy is changing its strategy and now Strategy has adopted Satofan's strategy? 

[d5000]

They need to figure out a way to get out of this or I can see this going bust in a protracted bear market (which may or may not be caused by events directly relating to Bitcoin). It would be even worse if besides failing to do that, they actually continue to increase the risk and create even more dividend obligations as the time continues to pass.

They currently have obligations that seem still manageable. Even if Bitcoin dumps to $25,000 as a result, they could buy back the STRC/STRF/STRD preferred shares selling about 400-500k BTC. The remaining BTC would still probably be enough to pay the debt. This means if they "go bust" they would shrink dramatically but if they manage the meltdown well it should be possible they manage to not go bankrupt.

What I consider a possible scenario in such a situation is that this could cause an overreaction (Bitcoin indeed dumps dramatically, possibly close to 10k, the regular shares drop to extremely low values) but once the whole dump stabilizes, there could be a relief scenario (because they didn't completely disappear and still managed to hold hundreds of thousands of BTC). They would of course have to completely change their marketing and business model, possibly deepening the "Bitcoin bank" idea they had announced somewhen.

Such a "shrunk MSTR" would be much less of a risk for the Bitcoin world so if there indeed was such an overreaction with a big Bitcoin dump, it would be able to recover fast if the fundamentals stay in line.

I can't agree with that yet, it has to go at least lower than the flash crash in February which had a daily close at $62k.

I meant "looking worse" that after that dump into the 60s, less people speculate now that the 60k floor is the final bear market low, and many prepare for the 50s or even 40s. The 60k floor theory of course stays possible as long as the February lows aren't broken. (BTW, I don't think daily closes have any meaning in the case of the 24 hour open Bitcoin.)

[legiteum]

I read in another thread that the "test sale theory" basically can be considered confirmed because Saylor even talked about his intention to "inoculate the market" in an interview in early May.

Now the interesting thing is: which conclusion can they draw from this test?

I don't think this move was a financial one, but rather a legal one. This has CYA written all over it.

Imagine if Saylor sold a LOT of BTC, signaling that he would wind down the entire thing, and that tanked the market by 50% and not 10%, which in turn caused his entire structure to collapse.

Had he done that without any warning, he could literally face jail (or in the US today, face the prospect of needing to pay Trump a lot of money to pardon him).

Now he and his team can make whatever sale they want to make in the future without any legal issues (or at least with this legal issue out of the way).

(BTW, I don't think daily closes have any meaning in the case of the 24 hour open Bitcoin.)

YES!

This annoys me too: BTC "closed at NNNN". What the hell does that mean? What does "daily high" mean when nobody can agree where the day begins and ends?

The investment world has got a legacy code problem here.

The metric I want to know is the 24 hour window, not "day".

[Satofan44]

They need to figure out a way to get out of this or I can see this going bust in a protracted bear market (which may or may not be caused by events directly relating to Bitcoin). It would be even worse if besides failing to do that, they actually continue to increase the risk and create even more dividend obligations as the time continues to pass.

They currently have obligations that seem still manageable. Even if Bitcoin dumps to $25,000 as a result, they could buy back the STRC/STRF/STRD preferred shares selling about 400-500k BTC. The remaining BTC would still probably be enough to pay the debt. This means if they "go bust" they would shrink dramatically but if they manage the meltdown well it should be possible they manage to not go bankrupt.

What I consider a possible scenario in such a situation is that this could cause an overreaction (Bitcoin indeed dumps dramatically, possibly close to 10k, the regular shares drop to extremely low values) but once the whole dump stabilizes, there could be a relief scenario (because they didn't completely disappear and still managed to hold hundreds of thousands of BTC). They would of course have to completely change their marketing and business model, possibly deepening the "Bitcoin bank" idea they had announced somewhen.

Such a "shrunk MSTR" would be much less of a risk for the Bitcoin world so if there indeed was such an overreaction with a big Bitcoin dump, it would be able to recover fast if the fundamentals stay in line.

Well, your assessment does confirm my transition from a low risk to a medium risk venture even if it is still manageable at this time. However, something must definitely change with them as this path is becoming increasingly risky and to what end? There are only two possibilities in regards to motivation but they have similar consequences:

• They really care about Bitcoin -- with this they should become aware of the risk that they are creating for Bitcoin, too much leverage and too many coins (they already have too many) becomes a systemic risk. A systemic risk may not necessarily kill something but it is able to severely wound it.
• They don't really care about Bitcoin -- but even with this they should be aware of the increasing riskiness of their position, which is not good for any kind of fiat-profit end goal.

For me, if they continue down this road they are essentially going to turn it into a complete gamble -- what was formerly a financial and interesting strategy will become pure gambling. They need to change course, and in my view they have been losing respect since they have started mounting up the obligations. They do not need neither more Bitcoin nor more obligations.

I can't agree with that yet, it has to go at least lower than the flash crash in February which had a daily close at $62k.

I meant "looking worse" that after that dump into the 60s, less people speculate now that the 60k floor is the final bear market low, and many prepare for the 50s or even 40s. The 60k floor theory of course stays possible as long as the February lows aren't broken. (BTW, I don't think daily closes have any meaning in the case of the 24 hour open Bitcoin.)

Alright, and I misread it a bit too strongly than it is intended. Yes, it is looking worse but it is not yet decided. The real reason why I used daily close was because I didn't want to look at the daily low. I don't really care which is more important, you have voices supporting each number. The only thing that matters for correct comparisons (where one wants to be really correct) is to compare two data points. Anyway, I meant to also bring up that even back then people were already talking about the possibility of the 30s during that die. This just shows how many people are full of horseshit on all of these platforms. You could read a million posts within thousands of threads about how you should not trade on emotion, and every single time when it happens most of them do exactly that and get emotional.

[MarryWithBTC]

Exactly one of Saylor's reasons as I listened to his interview. I don't know why people think that an entity will continue to buy and buy without selling.

You cannot completely blame people for taking Saylors word for it, he said they were never going to sell. Yeah, i, like a lot of others, knew they were surely going to sell some of their coins at some point in time, like they have done now, but those who believed otherwise did so because Saylor himself constantly repeated it.

This means that Saylor ought not to be trusted. He knew a time will come when he will sell, saying he will not sell from onset is a purposeful deceit. As far as we are in this industry, everyone is going to sell. The only person appear to not sell is Satoshi.

 

Should we therefore acknowledge that Saylor can manipulate the market to a large magnitude?

Strategy holds a lot of BTC's. There are a lot of weak hands in the community that would panic and sell over the smell of fud, so yeah, you have your answer to your question right there. But what they wouldn't do is manipulate the market on purpose, i don't think they will do that, they'd sell their coins, just as i sell sometimes, but people would make the most out of theirs because they are big time holders.

There are a lot of weak hands honestly. And these weak hands amply Saylor's body language and blow it out of proportion. The worse case now is that Saylor is the center of attention now. Many people follow him on X and are watching his profile to get updates.

[X-ray]

I don't think this move was a financial one, but rather a legal one. This has CYA written all over it.

Imagine if Saylor sold a LOT of BTC, signaling that he would wind down the entire thing, and that tanked the market by 50% and not 10%, which in turn caused his entire structure to collapse.

Had he done that without any warning, he could literally face jail (or in the US today, face the prospect of needing to pay Trump a lot of money to pardon him).

Now he and his team can make whatever sale they want to make in the future without any legal issues (or at least with this legal issue out of the way).

It sets precedent to reduce backlash in the future indeed, 32 BTC sell off is symbolic more than anything and probably testing the water too.

Right now their preferred stock STRC is tanking because people thought Strategy is holding only 7 month worth of cash for dividends and when that runs out, it could trigger cascading dump when he is forced to sell his bitcoin.

But when he is selling his bitcoin for real in the future nobody will blame and take legal action.

[Alpen]

Saylor thought selling 32 BTC was completely negligible for the market. Has he never heard of the butterfly effect?

[legiteum]

Saylor thought selling 32 BTC was completely negligible for the market. Has he never heard of the butterfly effect?

I suspect he knew very well what would happen, but he felt he had no choice.

Saying what he said a thousand times before--that he'd never ever ever sell his Bitcoin--put him in a legal jam. He had do something, even if it hurt the market.

[Wind_FURY]

Saylor thought selling 32 BTC was completely negligible for the market. Has he never heard of the butterfly effect?

He probably knew that, BUT he probably underestimated its market impact. Chad Saylor was the Bull Cycle's LARGEST bidder, therefore selling "some" Bitcoin will not be take positively. There are Saylor believer who might be starting to doubt "Strategy's strategy", calling it a Ponzi Scheme.

     👀

[bhadz]

Saylor thought selling 32 BTC was completely negligible for the market. Has he never heard of the butterfly effect?

He knows that and he's like us that has to sell whenever they have no choice but to do it. I think that this bear market is only waiting for that small impact at first to take effect by the retailers and shall create this big move that we're seeing right now. It won't be a huge surprise to see that it will be written in the headlines that the Strategy has bought xx again during this dip.

[Satofan44]

He probably knew that, BUT he probably underestimated its market impact. Chad Saylor was the Bull Cycle's LARGEST bidder, therefore selling "some" Bitcoin will not be take positively. There are Saylor believer who might be starting to doubt "Strategy's strategy", calling it a Ponzi Scheme.

     👀

Calling something that by definition can not be a Ponzi Scheme is relevant because? What else was often called a ponzi scheme? Bitcoin. So stop parading this kind of bullshit and use your brain.

Saylor thought selling 32 BTC was completely negligible for the market. Has he never heard of the butterfly effect?

They did not think this, and this is not the reason for the crash. It is a combination of several factors, read the posts of others before writing something short. You have the Iran crisis, you have a massive liquidity drain with the IPOs, and this. The sentiment was already fearful and now it is extreme fear.

He knows that and he's like us that has to sell whenever they have no choice but to do it. I think that this bear market is only waiting for that small impact at first to take effect by the retailers and shall create this big move that we're seeing right now. It won't be a huge surprise to see that it will be written in the headlines that the Strategy has bought xx again during this dip.

It was going to happen eventually, so whether now or in 3 months or in 10 months what is the difference? People need to stop making things up here and exaggerating like Instagram addicts. They have cleared the way for future sales, and let's see what happens next. If a person panics every time someone else does something, then they have not learned a single thing regardless of how long they have been with Bitcoin.

[OgNasty]

Honestly, selling 32 BTC isn’t even the worst news out of Strategy this week…

In spite of having nothing but a money losing business and a hunger for Bitcoin, Strategy just spent more than 70 million dollars on a private jet so Saylor can fly around private telling people to sell their kidneys to buy Bitcoin. Shareholders picking up the tab for this is way worse than selling some BTC. The ongoing costs of this plane not to mention borrowing at 11.5% to make the down payment show that Saylor is enjoying the ride while shareholders pick up the check.

[Mame89]

I noticed bitcoin price and the crypto market are in red right now. I think this is one of the major reasons for the fall in few hours ago till now.

But the amount sold is small compared to the amount they are buying.

It is not the amount of BTC sold by Saylor that raises but the effect of concern where he is one of the largest holders so that his every action and activity attracts the attention of many parties. Even if Saylor sold 10 BTC, the market reaction could have been affected because Saylor activities have an appeal that triggers an overreaction among followers and investors.

Yes, I know that. This is very common in all markets. What that happened in the market may not be the amount sold by Strategy, but it may how people reacted to the market and this a good example of one of them. 32 BTC is so small compared to the total amount of BTC that Strategy is holding. But after the announcement, bitcoin spot ETF outflow increased, people sold bitcoin and leading to bitcoin getting to $65400 again.

Bitcoin has now reached $59,700. Saylor only sold a small amount of his holdings but the market reaction has been quite surprising. Saylor last sold Bitcoin in 2022 to reduce tax losses and bought back more two days later. Now in 2026, they are selling 32 BTC to pay dividends.

Many people are currently speculating about what will happen to the market. In 2022, when Saylor sold Bitcoin it reached its lowest point and now in 2026, the same pattern will likely occur Bitcoin will reach its lowest point before hitting a new all-time high. It could be said that this cycle is proceeding as expected. We all hope for a supercycle and as long as we continue to hold Bitcoin, we will emerge victorious.