Strategy sold 32 bitcoin for $2.5 million in late May, filing shows

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.

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.

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