Strategy sells 32 BTC to fund preferred payouts

Strategy (Nasdaq: MSTR) disclosed in a Form 8-K filed with the U.S. Securities and Exchange Commission on June 1 that it sold 32 BTC for $2.5 million. The company said the proceeds are expected to be used to pay distributions on preferred stock.

The filing did not include a separate social media post announcing the trade. Executive Chairman Michael Saylor posted his usual orange-dot chart but did not follow it with a bitcoin purchase announcement. Hours after the SEC filing, he highlighted STRC, Strategy’s Variable Rate Series A Perpetual Stretch Preferred Stock, writing: “Our goal is to make $STRC the best credit instrument in the world.” The post did not mention the bitcoin sale.

The board set STRC’s annual dividend rate at 11.50% for monthly periods beginning June 1 and declared a $0.958333333 cash dividend per STRC share for June. Other preferred securities continued to carry quarterly dividends: STRF at 10.00%, STRK at 8.00%, STRD at 10.00% and STRE at 10.00%.

The company reported a $900 million U.S. dollar reserve intended to support preferred dividends and interest on debt. During the same reporting period, Strategy sold 801,994 shares of MSTR common stock, generating $128.3 million in net proceeds. The 8-K showed substantial at‑the‑market offering capacity across MSTR and preferred programs, including $17.51 billion available for STRC issuance.

The 32 BTC sale is the first bitcoin sale the company has publicly reported since adopting a treasury strategy focused on accumulating bitcoin. As of May 31, Strategy reported holding 843,706 BTC, measured at an aggregate purchase price of $63.87 billion.

At the time of the disclosure, bitcoin traded near $71,500, below its 2026 high near $97,939 and above a February low near $59,930. Blockchain observers identified a 411 BTC transfer to Coinbase Prime in the days before the filing, a detail that increased speculation about potential future sales. Earlier posts from Saylor and CEO Phong Le had emphasized dividend funding, U.S. dollar reserves and bitcoin liquidity as elements of the company’s treasury approach.

Investors and analysts are assessing whether preferred dividend obligations will lead to more frequent use of bitcoin sales or other funding sources to cover distributions and interest payments. The company’s filings and Saylor’s STRC post have refocused attention on funding for its preferred securities stack.