Michael Saylor Says Strategy May Sell Some Bitcoin by End-2026

Strategy, best known for financing a vast Bitcoin stockpile through equity and preferred-share issuance, has begun using some of its cryptocurrency holdings to support shareholder payouts and liquidity. The move is significant because Bitcoin remains the company’s core treasury asset, while dividends on its preferred securities and share repurchases create recurring dollar obligations that must be balanced against its long-term accumulation strategy.

In the week ended Aug. 2, Strategy sold 1,638 Bitcoin for about $104.7 million, its first disposal since June, reducing holdings to 842,138 tokens. Roughly half of the proceeds was allocated to preferred-stock dividends and the remainder to repurchases of STRC shares. The transaction extended the company’s estimated dollar liquidity runway to 2.3 years, giving it more capacity to meet cash commitments without relying solely on fresh stock issuance.

Strategy Inc., formerly MicroStrategy, has used Bitcoin as its primary treasury reserve asset since August 2020, financing purchases through common stock, convertible debt and preferred securities. Co-founder and Executive Chairman Michael Saylor built the company’s identity around relentless accumulation, making it the world’s largest corporate Bitcoin holder. Back-to-back sales therefore matter less for their size than for what they signal: Strategy is now willing to monetize part of its reserve to fund cash needs and support STRC, its variable-rate preferred stock.

In an Aug. 10, 2026 filing, Strategy said it sold 1,690 Bitcoin for $108.6 million during the week ended Aug. 9, following a sale of 1,638 coins for about $104.7 million the previous week. Holdings fell to 840,447 Bitcoin, acquired for $63.36 billion at an average $75,385 each. The company also raised $653.1 million by selling about 6.59 million MSTR shares, lifting its U.S. dollar reserve to $4.65 billion.

Strategy has made Bitcoin the center of its treasury policy since 2020, with co-founder and Executive Chairman Michael Saylor funding purchases through common stock, convertible debt and preferred shares. The model magnified gains when Bitcoin rose but also tied the company’s balance sheet to crypto volatility and created recurring dividend and interest costs. Building a dollar reserve therefore marks a shift from Saylor’s near “100% bitcoin” posture, giving Strategy more room to meet obligations and manage capital without becoming a forced seller.

Strategy on July 30 reported a second-quarter net loss of $8.22 billion, including $8.32 billion in digital-asset losses. As of July 26, it held 843,775 Bitcoin and had lifted its USD Reserve to $3.75 billion, enough for about 2.1 years of preferred dividends and debt interest. TD Cowen and Benchmark reiterated Buy ratings with price targets of $260 and $570, respectively, endorsing the added liquidity and balance-sheet discipline as Saylor broadens the company’s playbook beyond one-way Bitcoin accumulation.

Software company Strategy, the world’s largest publicly traded corporate holder of Bitcoin, has long been known for an uncompromising buy-and-never-sell strategy. Executive Chairman Michael Saylor’s proposal to sell Bitcoin to fund dividends breaks with that previous pledge and signals a more flexible approach to capital management. The move shows the company confronting the realities of capital markets and has prompted investors worldwide to reassess the viability of crypto-heavy balance sheets.

Strategy reported a first-quarter net loss of $12.54 billion and still holds 818,334 Bitcoin. To raise funds for dividends, the company sold 3,588 Bitcoin for the first time between June 29 and July 6, 2026, generating about $216 million. The move raised market concerns: JPMorgan warned that the policy would add “two-way risk” to crypto markets, while Fortune warned that Strategy could fall into a death spiral.

Strategy, formerly MicroStrategy, began adding Bitcoin to its balance sheet in 2020 and continued buying through debt and equity issuance, becoming the world’s largest publicly traded corporate holder of the cryptocurrency. Executive Chairman Michael Saylor has long promoted a “never sell” message. Although the disposal was small, it raises questions about whether Bitcoin reserves can also serve as a liquidity backstop for the company’s preferred-share “digital credit” business.

Strategy sold 32 BTC from May 26 through May 31, 2026, at an average price of $77,135 each, raising about $2.5 million. It disclosed the sale to the SEC on June 1 and said the proceeds were intended to fund preferred-share dividends. As of May 31, the company still held 843,706 BTC acquired for a total of $63.87 billion. Saylor described the sale as a tactical move and said Strategy would remain a net buyer.

Strategy has accumulated large amounts of bitcoin on its corporate balance sheet since 2020, cultivating a long-standing image of buying and never selling. Because its holdings account for about 4.2% of bitcoin in global circulation, any sale could affect market prices and investor confidence, drawing close attention to its shift toward active management.

CEO Phong Le said on June 11, 2026, that the company had sold a total of about 50,000 bitcoin since the end of 2025, worth an estimated $3 billion to $3.5 billion at prices during the trading period. He said the sales were intended to test internal processes and acclimate the market to such adjustments. Strategy still holds more than 845,000 bitcoin, and its long-term holding strategy remains unchanged.

Strategy has held Bitcoin on its balance sheet since 2020 and funded purchases through common and preferred stock offerings, investing about $6.387 billion in total. It holds more Bitcoin than any other publicly traded company, leaving MSTR’s share price and the company’s dividend obligations closely tied to Bitcoin’s performance.

On May 31, Strategy Chairman Michael Saylor posted “Working Better” on X alongside a chart showing nearly six years of purchases, which the market interpreted as a signal of another acquisition. At the time, the company held 843,738 Bitcoin acquired through 110 transactions at an average cost of $75,701 per coin, but it had not formally announced a new transaction.

Strategy, formerly known as MicroStrategy, has continued raising funds through equity and debt instruments to buy Bitcoin under Michael Saylor, making BTC a core asset. The company recently raised capital through STRC perpetual preferred stock carrying an 11.5% dividend rate. Saylor said an annual Bitcoin gain of more than 2% would be enough to cover the dividend, underscoring the company's highly leveraged capital strategy.

Strategy added 3,468 Bitcoin on April 10, according to the latest report, which did not disclose the dollar value or average purchase price of the transaction. The purchase brought the company's total Bitcoin holdings close to 770,000 BTC. As proceeds raised through STRC continue to be converted into Bitcoin, the company's holdings are moving toward a new milestone.

Strategy, formerly enterprise software company MicroStrategy, has made Bitcoin a core asset in recent years and continued accumulating it through debt and stock issuance. It holds more Bitcoin than any other publicly traded company, so its purchases and Michael Saylor’s price forecasts are often viewed by the market as indicators of institutional confidence.

On July 20, 2026, Strategy said it had spent about $39.83 million to buy 592 Bitcoin at an average price of $67,286 each, raising its total holdings to 717,722 Bitcoin. Despite a weak market and unrealized losses, Executive Chairman Saylor said that if Bitcoin does not go to zero, it will eventually rise to $1 million.

Strategy, founded by Michael Saylor, has made Bitcoin its core treasury asset and has steadily bought BTC since 2020, building a large position through its corporate balance sheet. Its purchases are often viewed by the market as an important gauge of institutional investors’ long-term confidence in Bitcoin.

The latest reports indicate that Saylor has hinted Strategy is about to make its 100th Bitcoin purchase. Before the planned acquisition, the company held a total of 717,131 BTC. Reports have not disclosed the exact date, number of coins or U.S. dollar value of the 100th transaction.