Bitcoin below $72,000 as Strategy sold 32 bitcoin sale for $2.5 million in late May

The 8-K filing Monday says proceeds from the May 26-31 sale, executed at an average price of $77,135 a coin, will fund distributions on Strategy's preferred stock.

What to know:

• Strategy sold 32 bitcoin between May 26 and May 31 for about $2.5 million at an average net price of $77,135 per coin, according to a new 8-K filing.
• The sale, the company’s first disclosed bitcoin disposal, will be used to fund distributions on its preferred stock, a footnote in the filing said.
• Strategy still held 843,706 bitcoin as of May 31 at an average purchase price of $75,699, leaving the sale price above its cost basis but above bitcoin’s roughly $73,400 market price on Monday.

Strategy (MSTR) sold 32 bitcoin between May 26 and May 31 at an average net price of $77,135 a coin, totaling $2.5 million, the company disclosed in an 8-K filing on Monday.

Bitcoin briefly dropped under the $72,000, per CoinDesk data, with over $90 million in BTC-tracked futures positions liquidated shortly on the move.

The disposal is Strategy's first disclosed bitcoin sale and the proceeds are earmarked to fund distributions on its preferred stock, according to a footnote in the filing.

In addition, for the week, Strategy raised $128.3 million through its at-the-market (ATM) common stock program and allocated a small portion of the proceeds to increase its U.S. dollar cash reserve from $871 million to $900 million. After depleting a substantial portion of its cash holdings $1.5 billion of its 2029 convertible notes.

The company held 843,706 bitcoin at an average purchase price of $75,699 as of May 31, putting the sale price above its blended cost basis but also above where bitcoin BTC$72,093.56 was trading on Monday below $72,000 per CoinDesk data.

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