Strategy Sells 32 Bitcoin, Shattering Its ‘Never Sell’ Myth

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, formerly known as MicroStrategy, has built its corporate strategy around accumulating bitcoin through debt and equity issuance, tying its balance sheet closely to the cryptocurrency’s price. Because the company is one of the largest publicly traded corporate holders of bitcoin, any framework allowing sales is closely watched for its potential impact on liquidity, shareholder returns and market supply.

At its second-quarter earnings call, Strategy said it raised the bitcoin sale limit under its current capital plan to $5 billion from $1.25 billion, quadrupling the previous ceiling. Proceeds could be used to replenish dollar reserves, fund preferred-stock dividends and repurchase shares. Chief Executive Officer Phong Le and Executive Chairman Michael Saylor stressed that the $5 billion figure is an authorization cap, not a confirmed sale amount.

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 (MSTR) has long financed Bitcoin purchases through debt and preferred-share issuance, tying its stock price and balance sheet closely to the cryptocurrency. Selling Bitcoin to fund preferred-share dividends broke with market expectations that the company would only buy and never sell. The move has also renewed scrutiny of its liquidity management and Bitcoin-holding strategy.

Strategy recently sold 3,588 Bitcoin for about $216 million, its largest disposal on record, while Bitcoin remained near $63,000. The cryptocurrency’s decline also led the company to recognize more than $8.3 billion in unrealized losses in the second quarter of 2026. Grayscale recommended that Strategy sell $3 billion worth of Bitcoin to rebuild market confidence.

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, formerly MicroStrategy, has financed bitcoin purchases through share sales, debt and preferred stock since August 2020, becoming the world’s largest corporate holder. The model depends on continued access to capital markets. When bitcoin and Strategy shares are weak and dividends must be paid in cash, any decision to sell bitcoin could intensify market selling pressure.

On May 28, 2026, Arca Chief Investment Officer Jeff Dorman warned that Strategy’s roughly $15.5 billion in preferred stock had pushed its financial structure “out of control,” with annual dividends of about $1.5 billion. As of May 25, the company had just $871 million in cash and held 843,738 bitcoin. CEO Phong Le acknowledged for the first time that day that the company might sell bitcoin in the future. The following day, a prediction market put the probability of a sale by year-end at about 90%.

Strategy, formerly MicroStrategy, has raised funds through stock and debt offerings to buy Bitcoin, making the crypto asset the centerpiece of its corporate treasury. Executive Chairman Michael Saylor has long advocated holding rather than selling. His new openness to disposing of part of the position has implications for the company’s cash flow, debt management and shareholders’ exposure to Bitcoin price risk.

Saylor said in a recent interview that it was “not unlikely” Strategy would sell some Bitcoin by the end of 2026, but did not disclose the expected amount or value. The company plans to manage cash flow using equity and credit instruments while operating under a diversified model, with the goal of maximizing Bitcoin holdings per share by 2033.

Strategy, formerly known as MicroStrategy, has long treated Bitcoin as a core asset, raising funds through stock issuance to finance continued purchases. The company has become a key gauge of corporate crypto adoption. Its vast holdings affect its financial performance and have also drawn market scrutiny of the risks arising from equity financing and Bitcoin price volatility.

Strategy spent about $43 million in early May to buy another 535 Bitcoin, increasing its total holdings to 818,869 and formally taking the figure above 810,000. At current market prices, the holdings carry an estimated unrealized gain of about $4.6 billion. The company plans to continue its long-term strategy of issuing stock and buying more Bitcoin.

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 known as MicroStrategy, is the world’s largest publicly traded corporate holder of Bitcoin. It has long raised funds through stock and bond issuance to buy the cryptocurrency, which it treats as a core reserve asset. The size of its holdings can affect both the company’s financial risk and market confidence, making each purchase closely watched by investors.

Strategy raised funds through an at-the-market (ATM) stock offering in late February 2026 and spent about $204 million to buy 3,015 Bitcoin at an average price of roughly $67,700 each. This was the company’s 101st Bitcoin purchase. The transaction increased its total holdings to 720,737 Bitcoin, formally taking the figure above 720,000.