In a recent 8-K filing, Strategy disclosed its first sale of bitcoin, where it sold 32 bitcoin for approximately $2.5 million between May 26 and May 31, 2023. The average selling price was $77,135 per coin. The proceeds from this sale are earmarked to fund distributions on the company's preferred stock. As of May 31, Strategy held a total of 843,706 bitcoin, which were acquired at an average cost of $75,699 per bitcoin. This sale price exceeds both the company's cost basis and the market price of bitcoin at that time, which was around $73,400. The preferred stock retains a near par value of $100, and maintaining this value is essential for Strategy's ability to issue shares through its ATM program, which is crucial for generating capital for further bitcoin acquisitions and debt management.