Strategy says BTC sale was to fund STRC dividends

Strategy (MSTR) sold 32 BTC to fund dividend payments for its STRC preferred stock, Crypto Briefing reported. Alongside the BTC sale, the company also raised $128.3 million by selling 801,994 shares of its common stock. As of May 31, Strategy holds 843,706 BTC. Strategy's STRC is a product that pays holders a monthly variable dividend targeting an 11.5% annual yield. The dividend rate decreases if the stock trades above its $100 par value and increases if it falls below. These payments are made from Strategy's cash reserves. The company only uses funds raised when STRC is above $100 to purchase more BTC. STRC traded slightly below $100 last week.