May 26: The company confirmed that it had used its cash reserve to fund the bond buyback. The transaction had reduced the fund to $871 million.
The buyback reduced that reserve to about six months of STRC dividend coverage. The company had previously said the plan was to maintain about 24 months of dividend coverage.
STRC was trading at $99.33, bitcoin was around $77,000.
June 1: Strategy sold 32 BTC, its first bitcoin sale since 2022. The move appeared intended to demonstrate that the company was willing and able to sell the token if necessary to fund dividend obligations.
The sale represented only 0.0038% of the company’s holdings. However, the company’s common stock (MSTR) fell 5.9% and bitcoin fell as low as $70,500 before closing at $71,286. STRC closed at $98.07.
June 5: Bitcoin fell below $60,000 for the first time since October 2024, closing around $61,000, according to data from CoinDesk. STRC fell as low as $90 to end the day at $93.40.
June 8: The strategy’s shareholders approve the plan to pay dividends to STRC twice a month. Strategy bought 1,550 BTC and said its dollar reserve balance had increased to $1 billion.
June 15: Strategy bought another 1,587 BTC and said its dollar reserve balance was now $1.1 billion.
