Strategy sold 32 BTC last week, marking its first Bitcoin sale since 2022 and reversing its long-standing 'never sell' narrative. The move, preceded by a $2 billion STRC offering used to buy 24,869 BTC, depleted corporate cash reserves ahead of a monthly dividend payout. Bitcoin dropped 10% from $74,000 to $65,400, triggering $1.76 billion in crypto liquidations on June 2, per CoinGlass. STRC, Strategy's preferred perpetual stock, depegged from $100 to $94.84, while MSTR fell 9.6%. Critics like crypto economist Alex Kruger called it a 'tragicomic' blunder, while analysts debated whether the sale signals structural distress or manageable leverage friction. Some experts argue institutional investors view it as navigable friction, not a death spiral, and expect Strategy to raise equity or adjust dividends to rebuild reserves. Bitcoin currently trades at $65,560, down 3.1% in 24 hours.

Key facts

• Strategy sold 32 BTC for the first time since 2022, reversing its 'never sell' narrative.
• The sale followed a $2B STRC offering that purchased 24,869 BTC, draining cash reserves.
• Bitcoin fell 10% to $65,400, triggering $1.76B in crypto liquidations on June 2.
• STRC depegged to $94.84, and MSTR dropped 9.6%; critics call it a tactical blunder.
• Analysts split on whether the move signals structural distress or manageable leverage friction.

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