Bitcoin News Today: Chief Strategy Officer Phong Le appeared on CNBC Salad lunch on June 10, 2026, and stated three explicit reasons for the company selling 32 bitcoins between May 26 and May 31, its first. Sell Bitcoin Since a tax deal in 2022 and only the second in the company’s history.
The disposal of 32 BTC, which was executed at an average of about $77,135 per coin for total proceeds of about $2.5 million, sits against a balance sheet holding 818,334 BTC at a total cost of about $61.81 billion.
The analytical question is no longer whether the strategy has sold Bitcoin; This is what Lu’s three-part recorded rationale reveals about how the company now manages its financial position, and whether the bearish explanation for the sale remains in touch with the actual data.
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Bitcoin News Today: The three reasons mentioned, what Le’s interview with CNBC actually proves
Law has built his explanation around three separate justifications, each of which carries a distinct functional meaning in terms of corporate treasury. The first, market grafting, was a deliberate signaling exercise: Lu said the strategy wanted investors to understand that the company was prepared to sell Bitcoin when conditions warranted it, so that any future sale would not come as a surprise.
This framing is proactive investor relations management, not a distress signal; The goal was to normalize selling options rather than exercising them under pressure.
The second rationale was to test the process. Lee noted that buying Bitcoin is operationally easier than selling, and that the company needs to verify that the entire sell-side, custody, execution, and settlement infrastructure is working properly before it is needed on a large scale. Maintaining operational readiness on both sides of the trade is standard closet hygiene for any organization managing a position measured in the tens of billions of dollars.
“We are the largest holder of Bitcoin in the world. We are the largest buyer of Bitcoin in the world. And we will continue to do so.” Watch my conversation with @CNBC @PowerLunch less.
00:00 — “We are a net buyer of Bitcoin.” Selling 32 BTC helped inoculate the market and test us… pic.twitter.com/aHlcNincNU
– Phong Lu (@phongle) June 10, 2026
The third reason, tax loss harvesting, has a direct precedent: In December 2022, MicroStrategy sold 704 bitcoins to realize capital losses before buying back a similar position shortly after.
The 2022 deal left the company with more bitcoin per share than before, because the tax benefits improved balance sheet efficiency without reducing net exposure. Lu noted on June 10 that the same logic applies to slices of the current position of 818,334 BTC acquired at cost bases now lower than the spot price, and the wide buying range, extending roughly from $10,000 to $125,000 per coin, means that selective harvesting of underwater lots is mechanically available even when the overall position is profitable.
As Lu explicitly stated: “We did not need to sell our Bitcoin to meet our profits. We are able to do this through other capital raising activities.” Together, the three reasons describe a deliberate framework for treasury management, not liquidation of the company under duress. the It was disclosed that 32 BTC were sold for tax purposes It corresponds to that reading at each level of the deposit record.
Strategy Holdings and Why Selling 32 Bitcoin is Structurally Irrelevant
Scale variance solves most market concerns on its own terms. The disposal of 32 BTC represents less than 0.004% of the strategy’s treasury of 818,334 BTC – a rounding error for a position with a total cost basis of approximately $61.81 billion.
MSTR stock has lost 25% of its value since the June 1 announcement, and Bitcoin itself has fallen roughly 15% over the same period, a reaction that commentator Jim Cramer described as co-founder Michael Saylor having “killed” Bitcoin.
Source: MSTR Price / Tradingview
The magnitude of the price response relative to the transaction size is itself analytically useful: markets were not reacting to 32 Bitcoin, but to a marked ideological shift from the doctrine of absolute accumulation that Saylor had incorporated into the company’s public identity.
Lu’s reaction to this reaction was clear. He dismissed the retail “crypto anarchists” committed to permanent holding and stated that institutional shareholders are the constituency to which the strategy is accountable.
This framing is structurally important: it suggests that the company is deliberately repositioning its investor narrative around Bitcoin per share, a metric that measures BTC held per diluted share outstanding, rather than around extremist ideology.
A treasury that manages to optimize bitcoin per share can, by definition, include selective disposals that improve the economics of the stock, whether through tax efficiency, dividend support, or balance sheet improvement. Lu has previously identified two conditions under which larger sales become rational: MSTR trading at less than adjusted net asset value and all conventional financing avenues having been exhausted.
Neither condition is currently met, and the company’s multi-year cash reserve, convertible debt facility, and preferred equity structures, including an 11.5% Series A preferred, provide a financing runway that makes a forced Bitcoin sale unnecessary.
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Daniel Francis is a technical writer and Web3 educator specializing in macroeconomics and DeFi mechanics. A crypto native since 2017, Daniel brings his background in cross-chain analytics to author evidence-based reports and detailed guides. It is certified by the Blockchain Council and is dedicated to providing “information gain” that cuts through the market noise to find blockchain’s real-world utility.
