MicroStrategy sold Bitcoin to stabilize the price of its preferred stock, $STRC. So far, they've sold 3,588 BTC, cashing out $216 million. MicroStrategy plans to repurchase $1 billion worth of preferred stock, with funds coming from Bitcoin sales. According to the announcement, they will sell up to $1.25 billion worth of Bitcoin, meaning another $1 billion in Bitcoin sales is coming. Only by stabilizing the pegged price of $STRC can MicroStrategy raise funds to keep buying more Bitcoin.