Strategy Sells Bitcoin as Bitmine Slows Ether Buying

Strategy Manages Preferred Stock Obligations

Strategy sold 801,994 MSTR shares in the previous week for about $128.3 million, according to the filing. The company still had about $26.1 billion available under its at-the-market program after those share sales, including shares sold but not yet settled as of May 31. No MSTR shares were used to buy bitcoin during the period covered by the filing.

Strategy recently expanded its at-the-market programs to include up to an additional $21 billion of MSTR, a further $21 billion of STRC preferred stock and $2.1 billion of STRK preferred stock. Strategy executives had said during the company’s first-quarter 2026 earnings call that the firm might sell some bitcoin holdings to fund dividends for STRC, its perpetual preferred stock designed to maintain a $100 par value and offer high yields to investors.

Michael Saylor previously said selling some bitcoin to cover STRC dividends could eventually help Strategy buy more bitcoin than it sells. Saylor also said Strategy’s current position requires bitcoin to appreciate 2.3% annually for existing holdings to cover STRC dividend obligations indefinitely without selling common stock. He later said Strategy will “buy 10 to 20 bitcoin for every one it sells,” and clarified that his earlier “never sell” comment meant one should be a net accumulator of bitcoin.

Arkham Intelligence onchain data showed Strategy moved roughly 411.6 BTC from its Coinbase Prime custody account to a cold wallet address on May 28. That movement triggered market speculation, with odds of Strategy selling bitcoin before the end of 2026 rising to 84%.

Strategy confirmed last week that it repurchased $1.5 billion face value of zero-coupon 2029 convertible notes for about $1.38 billion, retiring debt at an 8% discount to par. The company funded the transaction from its $2 billion cash reserves. As of May 31, Strategy’s USD Reserve stood at $900 million, according to Monday’s filing.

Strategy said it had purchased 2.6 times the amount of bitcoin mined in 2026 so far and described MSTR as a “BitVac,” suggesting the company views its equity structure as a mechanism for absorbing bitcoin supply. Bitcoin Treasuries data cited 198 public companies that have adopted some form of bitcoin acquisition model.

The broader public-company bitcoin treasury cohort is under pressure compared with its summer 2025 peaks. MSTR was down about 65% from its summer 2025 peak, while Strategy’s market cap to net asset valuation, or mNAV, was 0.97, according to Bitcoin Treasuries data. Strategy stock fell 3.1% over the previous week and closed Friday at $159.09, while remaining up 2.9% year-to-date. Bitcoin declined about 4.7% over the same weekly period.

We’ve launched the all-new COIN360 Perp DEX, built for traders who move fast!

Trade 130+ assets with up to 100× leverage, enjoy instant order placement and low-slippage swaps, and earn USDC passive yield while climbing the leaderboard. Your trades deserve more than speed — they deserve mastery.

Bitmine Slows ETH Purchases Near Supply Target

Bitmine Immersion, trading under BMNR, bought 26,497 ETH last week, worth about $53 million at the ether prices cited in the source material. The purchase marked a slowdown of more than 75% from the prior week, when Bitmine made its largest purchase of 2026.

Bitmine’s ETH holdings rose to nearly 5.42 million ETH after the latest purchase, representing about 4.49% of Ethereum’s circulating supply. Thomas “Tom” Lee, chairman of Bitmine, said in May at Consensus 2026 that the company planned to moderate accumulation because it was rapidly approaching its long-term goal of owning 5% of ETH’s supply.

Bitmine has acquired more than 1 million ETH since the start of 2026 and is about 90% of the way toward its stated 5% ETH supply target. Lee said in Monday’s statement, “ETH prices are not reflecting the strengthening of Ethereum fundamentals.” He added, “But then again, this is not surprising given we are in the early stages of crypto spring.”

Bitmine’s total crypto and cash holdings stood at $11.6 billion as of May 31. The company held 203 BTC, $446 million in cash, and stakes in Beast Industries and Eightco Holdings. Bitmine has increasingly focused on generating income from its holdings through staking.

Bitmine estimated that its staking operations generate roughly $258 million in annualized revenue. The company projected staking rewards approaching $300 million annually through its MAVAN staking platform.