Bitcoin price dipped to $69,690 after Strategy, the world's largest publicly traded corporate Bitcoin holder, sold 32 BTC between May 26 and May 31—its first disclosed sale since a December 2022 tax-loss harvesting transaction. The token recovered to $70,120 as of press time, according to CryptoSlate data.
According to an SEC Form 8-K cited by NewsBTC, Strategy sold the 32 BTC for roughly $2.5 million, with an average price of $77,135 per bitcoin, net of fees. The proceeds will fund distributions on preferred stock, marking a shift from the 2022 tax maneuver to a structural use of its Bitcoin treasury.
Strive, a competing Bitcoin treasury company, added 2,500 BTC last week, raising its holdings to approximately 19,000 BTC—just a day after Strategy's sale. CEO Matt Cole announced plans to expand Strive's ATM programs by $4.2 billion, split equally between ASST and SATA, to fund further purchases. The firm recently raised $194 million via a preferred stock offering.
Regulatory filings show no immediate SEC or CFTC action tied to these moves, but the willingness of corporate holders like Strategy to sell even small amounts signals a potential shift in balance-sheet strategy. Broader market implications remain uncertain, especially as BTC struggles to hold above $70,000 amid mixed sentiment.
With Strategy holding over 200,000 BTC and Strive approaching 19,000, the divergence in corporate approaches—one selling to service obligations, the other aggressively accumulating—highlights emerging fault lines in the Bitcoin treasury sector. Benchmark analyst Mark Palmer initiated coverage of Strive with a Buy rating and $32 target, even as ASST shares fell about 4% pre-market.