Where the money is goingThe Bitcoin sale wasn’t about cashing out for a yacht. About $81 million of the proceeds went toward repurchasing preferred shares and paying dividends on its STRC preferred stock, the financial instrument Strategy created as part of its capital structure expansion. Instead of simply trumpeting total BTC held, Strategy now provides net exposure figures that account for senior claims like preferred stock and convertible debt. It has a $4 billion cash pile that needs to earn its keep. Strategy has been the single largest corporate Bitcoin holder for years, and its buying activity has at times moved markets.