Discussions surrounding Strategy's first small-scale Bitcoin sale continue. Blockstream CEO Adam Back believes the transaction is more akin to a corporate financial maneuver than a shift in Bitcoin treasury strategy. Strategy's subsequent Bitcoin purchases have shifted market focus back to its financing and dividend arrangements.

Sold 32 bitcoins for dividends

According to previous disclosures, Strategy sold 32 bitcoins between May 26 and May 31 at an average price of $77,135, netting approximately $2.5 million. Documents indicate that these funds will be used to pay for the distribution of the company's preferred stock.

This sale was small, representing only about 0.0038% of the total Bitcoin holdings at the time. However, due to Michael Saylor's long-standing public emphasis on "not selling Bitcoin," the transaction still attracted attention.

• Quantity sold: 32 BTC
• Average price: $77,135
• Use of funds: Preferred stock dividend payments

Adam Back called it financial flexibility.

Adam Back stated that the market should not interpret this transaction as a bearish signal. In his view, Strategy only used a very small portion of its Bitcoin holdings to meet investor payment needs and alleviate short-term pressure on its capital structure.

He believes this also demonstrates another use of Bitcoin on corporate balance sheets. Companies can not only hold Bitcoin long-term, but also finance around this asset and utilize the holdings in a limited manner when cash needs arise.

Previously, Saylor had also distinguished between personal investment advice and corporate financial operations on BTC Prague. He stated at the time that his "never sell Bitcoin" statement was aimed at individual investors, not at corporate financial arrangements.

After selling, he bought 1550 Bitcoins.

This sale did not interrupt Strategy's accumulation of holdings. Crypto.news later reported that the company bought another 1,550 bitcoins for $101.3 million, bringing its total holdings to 845,256 bitcoins after the disclosure.

This new purchase is nearly 50 times the size of the previous sale, and it serves as important evidence to support Adam Back's view that the sale of 32 bitcoins does not mean that Strategy is withdrawing from Bitcoin.

Meanwhile, the market continues to focus on the pressure on Strategy's preferred stock. The report mentions that the company's STRC preferred stock briefly fell below its $100 par value. Some critics argue that if market conditions weaken, the dividend obligation could become more difficult to manage; supporters, however, believe that this small-scale sale of tokens demonstrates that the company still has multiple financing tools and need not abandon its long-term accumulation plan.

• Subsequent purchases: 1,550 BTC
• Purchase amount: US$101.3 million
• Latest holdings: 845,256 BTC

Currently, the focus of market debate is no longer entirely on whether Strategy remains bullish on Bitcoin, but rather on how the company can balance preferred stock dividends with its balance sheet while maintaining investor confidence.