Strategy (MSTR) Update — First BTC Sale Since 2022, $10.8B Unrealized Loss, Still Accumulating

Strategy (MSTR) — Corporate Bitcoin Treasury Update

Holdings

• 843,706 BTC as of June 1, 2026 ($51.2B at current prices)
• Average purchase price: ~$75,700/BTC
• Total cost basis: ~$63.8B | Current value: ~$53B
• Unrealized loss: ~$10.8B (largest in company history)
• MSTR stock down 77% from all-time high

First Bitcoin Sale Since 2022

• Sold 32 BTC for ~$2.5M (May 26-31) at avg price $77,135
• Proceeds used to service STRC preferred stock dividends (11.5% annual yield)
• Also sold 801,994 MSTR shares for $128.3M
• CEO Phong Le: "Buying Bitcoin is easier than selling"
• Executive Chairman Michael Saylor posted acquisition chart: "A good time to add more dots"

Capital Structure

• Completed $1.5B convertible note buyback at ~8% discount
• Outstanding debt reduced from $8.2B to $6.7B
• $17.51B in remaining STRC issuance capacity
• $900M USD reserve for dividends/debt interest
• Plans to rebuild reserve via Digital Capital, Digital Credit, Digital Equity sales
• Executives disclosed plans to sell $15M in MSTR shares (Phong Le: $11.1M, CFO Andrew Kang: $3.9M)

2026 Capital Raise Targets

• Raised $25.3B in 2025; 2026 targets exceeding $80B
• Goal: push holdings toward 1 million BTC (4.8% of total supply)

Active Treasury Buyers (Still Accumulating)

• Bitmine (BMNR): 338K+ ETH in May (~$665M), holds 5.4M ETH — largest corporate ETH holder
• Bit Digital (BTBT): $20M ETH purchase in May (first since October)
• Strive (ASST): ~1,944 BTC in May (~$150M)
• Hyperliquid Strategies (PURR): $216M for 7.3M HYPE tokens
• Metaplanet (Japan): 5,075 BTC purchased early April

Key Risk

Bitcoin trading below $60,000 (weakest since October 2024). If Strategy's small sale becomes a pattern, sustained selling pressure from a 843K BTC wallet would ripple across the market. The leveraged corporate treasury model faces a critical stress test.