Michael Saylor’s Strategy — the largest corporate holder of bitcoin on the planet — has sold bitcoin for the first time since late 2022, and the market felt it immediately.

The company disclosed in an 8-K filing Monday morning that it sold 32 BTC between May 26 and May 31 at an average price of $77,135 per coin, bringing in $2.5 million in total proceeds. The sale was executed to fund distributions on Strategy’s preferred stock, STRC — a high-yield instrument the company designed to maintain a $100 par value for investors.

The news hit an already fragile crypto market. Bitcoin slipped below $72,000 following the filing’s release, down nearly 3% over the prior 24 hours. More…

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