Strategy Sells 32 Bitcoin for $2.5M to Fund Preferred Stock Distributions

Strategy (MSTR) disclosed in an 8-K filing that it sold 32 bitcoin between May 26 and May 31 at an average net price of $77,135 per coin, totaling $2.5 million. This marks the company's first disclosed bitcoin sale, with proceeds earmarked for distributions on its preferred stock, according to CoinDesk. Despite the sale price being above its average purchase cost of $75,699, bitcoin's market price was below $72,000 on Monday. Additionally, Strategy raised $128.3 million through its ATM common stock program, boosting its cash reserves.