Analysts have different views on Strategy's bitcoin sales, and most believe that it will not affect its long-term currency hoarding strategy

On June 2, after Strategy disclosed its first bitcoin sale in four years, Wall Street analysts were divided on the signal sent by the move, but most believed that the transaction was extremely small and not enough to change the company's long-term bitcoin accumulation strategy. According to the announcement, Strategy sold 32 bitcoins from May 26 to 31 at an average price of approximately US$77,135, cashing in approximately US$2.5 million to pay dividends on its high-yield perpetual preferred stock STRC (Stretch). As of the end of May, Strategy still held more than 843,700 bitcoins, and this sale only accounted for approximately 0.004% of the total position. TDCowen analyst Lance Vitanza said the market's interpretation of the transaction as Strategy's significant reduction in Bitcoin was misleading. He believes that the deal has little economic impact and will not change the company's core Bitcoin increase logic, so he maintains the target price of $400 for MSTR shares unchanged. Benchmark analyst Mark Palmer also believes that Strategy will not rely on selling Bitcoin as the main source of funding to pay dividends on preferred stocks in the future, and is more likely to continue to replenish its cash reserves by issuing shares. However, he pointed out that the sale showed that the company's Bitcoin reserves could serve as a "safe backing" for preferred stock dividend payments if necessary. On the other hand, Mark Connors, chief investment officer of RiskDimensions, believes that the move reflects Strategy's priority to maintain the health of its capital structure rather than its absolute stance of "never selling coins." He said this showed that Michael Saylor was willing to sell some Bitcoin if necessary to protect the interests of shareholders and creditors.