Token Metrics data shows Bitcoin trending bearish as Strategy just sold bitcoin for the first time ever. Dumping 32 BTC for $2.5M to cover preferred stock dividends. The move is tiny financially but huge symbolically, testing how markets react to Saylor’s company selling. Meanwhile Bitmine bought another 26,497 ETH, pushing its holdings to 5.4M tokens worth $10.8B as it chases a 5% stake in Ethereum’s total supply.<\/p>\n
Michael Saylor’s Strategy has been the poster child for corporate bitcoin accumulation since 2020. The company famously never sold a single satoshi, even during market crashes. That unwavering commitment made Strategy the benchmark for institutional bitcoin adoption. The company’s balance sheet became a case study in crypto treasury management. With billions allocated to BTC despite regulatory uncertainty and market volatility.<\/p>\n
That all changed last week when Strategy sold 32 BTC<\/a> between May 26 and May 31. The sale happened at an average price of $77,135, raising just $2.5 million to fund preferred stock dividends. The amount represents less than 0.01% of Strategy’s total bitcoin holdings, making it financially insignificant but symbolically massive. This marks Strategy’s first-ever bitcoin sale since beginning its accumulation strategy.<\/p>\n The move wasn’t completely unexpected. Saylor had hinted at it during the Q1 earnings call. He said it was “not unlikely” the company would sell some BTC this year to service preferred dividends. Still, selling bitcoin when you have nearly a billion in cash reserves raises questions about the company’s long-term conviction. The move looks less like a cash crunch and more like a test run. Strategy might be probing how the market reacts to its selling pressure before potentially larger moves.<\/p>\n Corporate treasury management in crypto has evolved significantly since Strategy first bought bitcoin in 2020. Early adopters faced accounting challenges, regulatory uncertainty, and shareholder skepticism. The market has since matured, with clearer guidance from accounting bodies and more institutional infrastructure. Yet Strategy’s decision to sell, even a small amount, could influence how other corporations approach their crypto holdings.<\/p>\n On the other side of the crypto spectrum, Bitmine is going all in on Ethereum. The company acquired another 26,497 ETH<\/a> over the past week. That brings Bitmine’s total holdings to 5,416,901 ETH. At $2,003 per ETH, that stash is worth roughly $10.8 billion. Bitmine now controls 4.49% of Ethereum’s total supply. The company is 90% of the way to Chairman Tom Lee’s stated goal of owning 5% of all ETH.<\/p>\n Bitmine isn’t just sitting on its ETH either. The company has 4.72 million ETH staked, representing $9.5 billion in productive assets. At full deployment, Bitmine projects annualized staking revenue could hit $296 million. That’s a serious yield on a massive position, turning passive holdings into active income generators.<\/p>\n\t\t