Bitcoin treasury company Strategy sold 32 BTC for approximately $2.5 million at an average price of $77,135 per bitcoin between May 26 and May 31, according to an 8-K filing with the Securities and Exchange Commission on Monday.
Proceeds from the bitcoin sales are expected to be used to fund distributions on preferred stock, the firm said.
Strategy now holds a total of 843,706 BTC following the reduction — worth around $61 billion — bought at an average price of $75,699 per bitcoin for a total cost of around $63.9 billion, including fees and expenses.
Strategy's remaining holdings represent more than 4% of bitcoin's fixed 21 million supply cap and carry an implied paper loss of approximately $2.9 billion at current prices.
Strategy recently extended its ATM programs to include up to an additional $21 billion of MSTR, alongside a further $21 billion of its STRC preferred stock and $2.1 billion of STRK preferred stock.
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'Working better'
Saylor shared an update on Strategy's bitcoin acquisition tracker and stating, "Working better," following a pause the week prior.
STRC, a variable‑rate, cumulative preferred stock offering monthly dividends, with adjustable rates designed to keep it near $100 par value, has increasingly become the primary driver of its bitcoin acquisitions in recent weeks. The stock currently offers an annualized rate of 11.5%, which the company confirmed on Sunday has been maintained for June.
Strategy recently proposed updating the dividend payment schedule for STRC, shifting from once per month to twice per month. The company states that the change could "lead to reduced reinvestment lag, enhanced liquidity, market efficiency, and increased price stability."
Last week, Strategy confirmed the repurchase of $1.5 billion face value zero-coupon 2029 convertible notes for approximately $1.38 billion, retiring the debt at an 8% discount to par. The transaction was funded from its $2 billion in cash reserves, with a $871 million balance remaining.
Strategy also noted it has purchased 2.6 times the amount of bitcoin mined in 2026 so far, describing MSTR as a "BitVac."
DAT state of play
According to Bitcoin Treasuries data, 198 public companies have adopted some form of bitcoin acquisition model. Tether-backed Twenty One, Metaplanet, MARA, Adam Back, and Cantor Fitzgerald-backed Bitcoin Standard Treasury Company, Bullish, Strive, Coinbase, Riot Platforms, and Cleanspark, and make up the remainder of the top 10, with 43,514 BTC, 40,177 BTC, 35,303 BTC, 30,021 BTC, 24,300 BTC, 16,500 BTC, 16,492 BTC, 15,680 BTC, and 13,453 BTC, respectively.
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However, the value of the cohort's shares remains significantly below their summer 2025 peaks, with MSTR itself down around 65%, for example, as some investors become increasingly concerned about Strategy's market cap to net asset valuation and its numerous bitcoin acquisition programs. The firm's mNAV is currently sitting at 0.97, per Bitcoin Treasuries.
Strategy's stock fell 3.1% overall last week, closing on Friday at $159.09, according to The Block's MSTR price page, but remains marginally up 2.9% year-to-date. Bitcoin dropped approximately 4.7% over the same period.
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