Cramer jabs Saylor as Strategy sells 32 BTC, STRC falls

Strategy disclosed this week that it sold 32 Bitcoin, raising about $2.5 million to pay dividends on its variable-rate perpetual preferred shares. The company said the sale is its first Bitcoin sale since 2022. MicroStrategy holds more than 843,000 BTC on its balance sheet.

TV host Jim Cramer wrote on social media: “who murdered Bitcoin?” The comment referenced founder Michael Saylor’s strategy of building a large corporate Bitcoin treasury. On regional television, Michael Saylor argued, “If we sell credit instruments equal to 1.4% of our capital assets, we can pay the dividends funded in #Bitcoin and increase the amount of BTC we have forever.”

Investors reacted across the company’s capital structure. Strategy common shares have fallen from recent highs. The STRC variable-rate perpetual preferred stock dropped below $95; the issue is structured to target yields and to support a price near $100 through its terms and the firm’s balance-sheet mechanics.

The 32 BTC sale is a small fraction of the company’s total holdings, but it departs from Strategy’s previous public posture of not selling Bitcoin. The firm has used equity raises, structured preferred issuances and debt to accumulate Bitcoin in prior years.

Bitcoin has fallen more than 20% over several weeks and was trading near its 200-week moving average. Investors pulled roughly $4 billion from Bitcoin ETFs since mid-May, according to market flow estimates. Analysts have also pointed out that MicroStrategy’s multi-year returns have trailed the S&P 500 over the same period.

Company leaders restated their commitment to a Bitcoin-focused balance sheet and described recent drawdowns as temporary. Supporters called the sale a liquidity action to meet dividend obligations. Critics said any sale departs from the firm’s earlier “never sell” stance and raises questions about how preferred-share structures will perform if crypto volatility continues.

Market participants will watch future disclosures for evidence of additional sales or changes to MicroStrategy’s financing mix as the company manages preferred dividends and its large Bitcoin position.