The slide also lands on a sensitive instrument. STRC’s dividends prompted Strategy to sell bitcoin for the first time since it began accumulating bitcoin in 2022. The company disclosed on June 1 that it had sold 32 coins for about $2.5 million in late May to fund STRC distributions, a move that rattled a market used to Chairman Michael Saylor’s pledge never to sell.
Last week, Strategy said it had grown a dedicated U.S. dollar reserve to $1.1 billion to cover preferred dividends and debt, while still buying 1,587 bitcoin through separate sales of its common stock.
Strategy holds about 846,842 bitcoin, roughly 4% of the supply that will ever exist, making it the largest corporate holder.
STRC has dipped below par before, however, usually during stretches of bitcoin volatility. Bitcoin has held around $64,000 to $65,000 this week, and Strategy’s common stock, MSTR, fell about 5% on Wednesday to $116.52.
