CryptoBriefing reported that MicroStrategy (MSTR) sold 32 BTC to secure funds for dividend payments for its preferred stock, STRC. Simultaneously with the BTC sale, MicroStrategy raised $128.3 million by selling 801,994 shares of common stock. As of May 31 (local time), MicroStrategy holds 843,706 BTC. MicroStrategy's STRC is a product that pays variable monthly dividends targeting an annual 11.5% to holders. If the price exceeds the face value ($100), the dividend rate decreases, and if it falls below the face value, the dividend rate increases. Dividends are paid from MicroStrategy's cash holdings. MicroStrategy only invests funds raised when STRC exceeds $100 into BTC purchases. STRC performed slightly below $100 last week.
