Key Takeaways
- Strategy sold 32 BTC for $2.5M at $77,135 between May 26 and May 31 to fund preferred dividends.
- Strategy holds 843,706 BTC at a $63.87B cost basis despite the sale, with a $900M USD reserve on hand.
- Five series of Strategy preferred stock carry active dividends payable June 30, 2026, totaling recurring obligations.
Why the Sale Matters
The amount is small. Thirty-two coins against a stack of 843,706 BTC represents a fraction of a fraction of the company’s holdings. But the reason for the sale draws attention: proceeds are expected to fund distributions on preferred stock, according to the June 1 Form 8-K filed with the SEC.
Strategy has built its entire identity around accumulation. The company has made more than 110 reported purchases over six years, funded through convertible debt, equity offerings, preferred shares, and operating cash. Selling bitcoin, even 32 coins, runs counter to that positioning.
The Preferred Stock Dividend Picture
Strategy currently carries five series of preferred stock with active dividend obligations. The board declared the following cash dividends on May 30, 2026, all payable June 30:
- STRF (10.00% Strife): $2.50 per share, quarter ending June 30
- STRC (Variable Rate Stretch, 11.50%): $0.9583 per share, month ending June 30
- STRK (8.00% Strike): $2.00 per share, quarter ending June 30
- STRD (10.00% Stride): $2.50 per share, quarter ending June 30
- STRE (10.00% Stream): €2.50 per share, quarter ending June 30
The variable rate on STRC was held at 11.50% effective June 1, 2026.
The USD Reserve
Strategy established a U.S. dollar reserve in December 2025, a management-designated liquidity pool intended to cover preferred stock dividends and debt interest. As of May 31, 2026, that reserve holds $900 million.
The existence of a $900 million cash reserve makes the decision to sell 32 BTC more notable. The company chose to liquidate a small amount of bitcoin rather than draw down its dollar reserve to cover distributions. Following the file going public, BTC’s price shuddered below $72,000 to an intraday low of $71,866.
What the Stack Looks Like Now
As of May 31, Strategy holds 843,706 BTC acquired for approximately $63.87 billion at an average purchase price of $75,699 per coin. The firm also sold 801,994 shares of MSTR common stock between May 26 and May 31, generating $128.3 million in net proceeds under its at-the-market offering program. Combined ATM capacity across MSTR and preferred stock programs totals more than $51 billion remaining.
The Accumulation Record
Strategy made its first bitcoin purchase in August 2020 at roughly $11,652 per coin. Outside a minor 704-coin sale in December 2022 for tax purposes, the company has not publicly reported selling bitcoin. The May 26 to May 31 sale brings the total disclosed liquidations to a still-negligible level relative to holdings, but it confirms that preferred stock obligations now represent a real and recurring cost the firm is willing to cover with BTC when needed.