Overview
- Strategy disclosed it sold 32 BTC in a June 1 Form 8‑K to fund preferred‑stock distributions, marking its first Bitcoin sale since 2022.
- The company still holds about 843,706 BTC and now sits on an estimated $10.8–$11.2 billion unrealized loss on those coins.
- STRC, Strategy’s variable‑rate preferred, has traded around $94–$95 which, according to Grayscale, raises the chance the firm must increase dividends and sell more Bitcoin to meet cash needs.
- Markets reacted sharply after the disclosure as Bitcoin fell into the low $60,000s, MSTR shares plunged and spot Bitcoin ETFs recorded multi‑billion dollar outflows that amplified selling pressure.
- The episode has shifted the debate over the corporate‑treasury playbook by showing how leverage and fixed obligations can force headline‑driven selling and reshape how investors price public Bitcoin treasuries.