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Strategy trims 32 BTC for $2.5M to fund preferred payouts, but still holds 843,706 BTC (4% of supply) worth ~$61B, sitting on a multi‑billion unrealized loss as its complex leverage strategy persists.

Strategy trims 32 BTC for $2.5M to fund preferred payouts, but still holds 843,706 BTC (4% of supply) worth ~$61B, sitting on a multi‑billion unrealized loss as its complex leverage strategy persists.
The Block •
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32 BTC is dust; $128.3M of MSTR common ATM in the same 8-K matters because it shows the machine choosing between dilution and coin sales every payout cycle. The 2022 disposal was tax-loss harvesting followed by a buyback; this one plugs STRC/STRK/STRF/STRD coupon plumbing, with STRC still carrying an 11.5% annual dividend and the USD reserve at $900M. If mNAV keeps compressing, every preferred coupon becomes a live capital-allocation decision: issue common, drain reserve, or sell sats while trying not to wreck BTC per share.

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