Strategy sold 32 BTC to pay dividends – But the real risk is what happens if it has to sell more Bitcoin
Bitcoin fell after Strategy sold 32 BTC for the first time since 2022, a tiny slice of its 843,706-BTC treasury, to raise about $2.5 million for preferred-stock distributions. The sale briefly pushed BTC to a six-week low near $69,690 before it recovered around $70,120. The move matters less for size than for what it signals: Strategy is no longer treating Bitcoin as untouchable and is using it to support a growing yield-financing model built around perpetual preferred shares such as STRC. STRC pays monthly dividends and is intended to trade near $100 par so Strategy can raise more capital efficiently. Analysts say the structure is most vulnerable in a downturn, when Bitcoin prices fall, equity issuance becomes harder, and fixed cash dividends still must be paid. That raises concern that the company may need to sell more Bitcoin to meet obligations, turning its treasury into a source of liquidity rather than a pure reserve.
