The slide also lands on a sensitive instrument. STRC’s dividends led Strategy to sell bitcoin for the first time since it began accumulating bitcoin in 2022. The company revealed on June 1 that it had sold 32 coins for about $2.5 million in late May to fund STRC distributions, a move that shook a market accustomed to Chairman Michael Saylor’s pledge to never sell.
Last week, Strategy said it had increased a dedicated US dollar reserve to $1.1 billion to cover preferred dividends and debt, while continuing to purchase 1,587 bitcoins through separate sales of its common shares.
Strategy owns about 846,842 bitcoins, about 4% of the supply that will ever exist, making it the largest corporate holder.
However, STRC has fallen below par before, typically during periods of bitcoin volatility. Bitcoin has hovered between $64,000 and $65,000 this week, and Strategy’s common stock, MSTR, fell about 5% on Wednesday to $116.52.
