BTC below $72,000 as Strategy sold 32 bitcoin for $2.5 million

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$72,675.37 was trading on Monday below $72,000 per CoinDesk data.