Strategy, the Nasdaq-listed firm formerly known as MicroStrategy, sold 3,588 Bitcoin for approximately $216 million between June 29 and July 5, 2026 , the largest single disposal in the company's history and a direct breach of the permanent-hold thesis that chairman Michael Saylor built into the firm's identity. The sales were executed at an average price of roughly $60,197 per BTC, well below the company's aggregate cost basis of $75,476 per coin.
The proceeds funded quarterly dividends on four preferred stock series , STRF, STRE, STRK, and STRD , plus the monthly dividend on STRC, the variable-rate instrument at the center of what Strategy calls its Digital Credit business. The company disclosed the sales in a Form 8-K filed with the SEC on July 6. Saylor confirmed the transaction on X the same day, stating Strategy still held 843,775 BTC and $2.55 billion in cash reserves as of July 5.
The 'never sell' theology that defined Strategy for five years just got its first real stress test. Selling 3,588 coins below cost to pay preferred dividends is not a crash , but it is the first page of a new chapter in corporate Bitcoin treasury management.
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The sale unfolded in two tranches. Between June 29 and June 30, Strategy sold 1,363 BTC for $80.8 million at an average price of $59,256. From July 1 through July 5, it sold another 2,225 BTC for $135.2 million at an average of $60,773. The blended average of $60,197 means Strategy monetized coins at roughly a 20% discount to its acquisition cost. MSTR shares fell approximately 6.3% on the news, while Bitcoin dipped to around $61,900 before recovering toward $63,000.
The sale was authorized under a new BTC Monetization Program approved by the board on June 29, which permits up to $1.25 billion in Bitcoin disposals for three purposes: rebuilding dollar reserves, funding preferred dividends, and financing share repurchases. Grayscale head of research Zach Pandl estimated Strategy's annual preferred dividend load at $1.5 billion, a bill the company's legacy software business cannot cover alone.
Strategy had previously sold Bitcoin only twice: 704 coins in a 2022 tax-related transaction and 32 BTC in late May 2026 for $2.5 million. The May sale was widely interpreted as a toe-in-the-water test. The July sale, by contrast, is 112 times larger by coin count and represents a structural shift in how the world's largest corporate Bitcoin holder manages its balance sheet. The company reported an $8.32 billion digital-asset impairment loss in Q2 2026.
Saylor responded to the criticism by arguing that Bitcoin annual appreciation of just 3.3% would cover dividend obligations indefinitely, positioning the sales as capital-allocation discipline rather than distress. "Our goal is to make STRC the best credit instrument in the world," he said after the May sale. The market has yet to fully price that thesis: STRC traded at a discount to its $100 par value in the days following the July disclosure.
The question for the broader market is whether this represents a one-time adjustment or the beginning of a recurring pattern. The Monetization Program gives Strategy the flexibility to sell up to $1.25 billion total, or roughly 20,800 BTC at current prices , about 2.5% of its remaining stack. If Bitcoin rallies, the pressure to sell recedes. If it stagnates or falls further, the board has already authorized the tool to keep cutting.
For a market that spent five years modeling Strategy as a one-way liquidity sink, that two-way optionality changes the flow calculus. The biggest single corporate buyer of Bitcoin is no longer a buyer only. The cap on the Monetization Program is the number to watch: every dollar of additional authorization signals that the dividend obligation is growing faster than the software cash flow can sustain.
Key takeaways
- Strategy sold 3,588 BTC for $216 million between June 29 and July 5, its largest-ever Bitcoin sale, at an average price of $60,197 per coin…
- The sale funded preferred stock dividends under a new $1.25 billion Monetization Program, signaling a structural shift from Strategy being…
- Strategy still holds 843,775 BTC and $2.55 billion in cash, but its $1.5 billion annual dividend load means additional sales are possible i…
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