Strategy sells first-ever BTC — 32 coins to cover preferred…

Strategy (MSTR) disclosed its first-ever bitcoin sale in an 8-K filing Monday: 32 BTC sold between May 26 and May 31 at an average net price of $77,135 per coin, generating approximately $2.5 million in proceeds. The filing confirms the funds are earmarked exclusively to cover distributions on the company's preferred stock — not to reduce debt or rebalance the broader treasury.

The sale is a rounding error against Strategy's 843,706 BTC position, acquired at a blended cost basis of $75,699 per coin. The $77,135 sale price sits above that basis, but also above bitcoin's roughly $73,400 spot price on Monday — meaning the company sold into relative strength while the market traded below the execution price.

The more telling detail is the preferred stock mechanics. STRC's dividend rate held at 11.5% after the stock's monthly VWAP hit $99.62, keeping shares near their $100 par target. Maintaining that par level is operationally critical: it preserves Strategy's ATM issuance capacity, which is the primary engine for future BTC accumulation. Any sustained drift below par would constrain the capital pipeline that funds the entire bitcoin strategy.