Strategy’s Variable Rate Series A Perpetual Stretch Preferred Stock (NASDAQ: STRC) dividends are funded through the company’s USD Reserve, and keeping that reserve adequately stocked has become the firm’s overriding near-term financial priority. Last week, Strategy sold 1,638 bitcoin to raise $104.7 million specifically to bolster that reserve, a transaction that underscores how dramatically the company’s operational focus has shifted from accumulation to cash-flow management. The sales have not been financially flattering, with last week’s bitcoin disposed of at an average price of $63,957 per coin against Strategy’s average acquisition cost of $75,419, implying a loss of approximately $11,462 per bitcoin sold, or roughly 15.2%.