The slide also hits delicate instruments. The STRC dividend marks Strategy’s first Bitcoin sale 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 pay for STRC’s distribution, a move that rattled a market accustomed to Chairman Michael Saylor’s promise not to sell.
Last week, Strategy announced that it had increased its dedicated US dollar reserves to $1.1 billion to cover preferred dividends and debt, while purchasing 1,587 Bitcoin through separate sales of common stock.
Strategy holds approximately 846,842 Bitcoins, roughly 4% of the future supply, making it the largest corporate holder.
However, STRC has fallen below par in the past, usually during periods of increased Bitcoin volatility. Bitcoin has been hovering around the $64,000-$65,000 range this week, and Strategy’s common stock MSTR fell about 5% on Wednesday to $116.52.
