A look at how falling Bitcoin prices, capital structure changes pushed STRC below $83 in just five weeks.

May 26: The company confirmed it had used its cash reserve to finance the bond repurchase. The transaction had reduced the fund to $871 million.

The buyback reduced that reserve to roughly six months of STRC dividend coverage. The company had previously said the plan was to maintain about 24 months of dividend coverage.

STRC traded at $99.33, bitcoin hovered around $77,000.

June 1: Strategy sold 32 BTC, its first bitcoin sale since 2022. The move appeared intended to demonstrate that the company was willing and able to sell the token if necessary to fund dividend obligations.

The sale accounted for just 0.0038% of the company’s holdings. Nevertheless, the company’s common stock (MSTR) dropped 5.9% and bitcoin fell to as low as $70,500 before closing at $71,286. STRC closed at $98.07.

June 5: Bitcoin fell below $60,000 for the first time since October 2024, closing around $61,000, according to CoinDesk data. STRC dropped to as low as $90 to end the day at $93.40.

June 8: Strategy shareholders approve the plan to pay STRC dividends twice a month. Strategy bought 1,550 BTC and said the balance of its dollar reserve had risen to $1 billion.

June 15: Strategy bought another 1,587 BTC and said the balance of its dollar reserve was now $1.1 billion.