Strategy Sells Bitcoin for Second Straight Week

Michael Saylor has long championed a “never sell” approach to Bitcoin, helping make Strategy, formerly MicroStrategy, the best-known corporate holder of the cryptocurrency. He has now clarified that the pledge describes his personal position, not a binding policy for the publicly traded company, which may buy or sell BTC as it manages liquidity, its capital structure and shareholder obligations.

Strategy disclosed in its latest Form 8-K filing with the US Securities and Exchange Commission that it sold 1,638 Bitcoin during the most recent week. The company said the proceeds were used to fund dividends on its STRC preferred stock and repurchase shares. Saylor’s subsequent post on X drew a clear distinction between his personal holdings and Strategy’s corporate treasury decisions.

Strategy, formerly MicroStrategy, began treating bitcoin as its primary treasury reserve asset in 2020 under co-founder and Executive Chairman Michael Saylor. Funded through sales of common and preferred shares, the approach made Strategy the largest corporate holder of bitcoin and turned MSTR into a leveraged proxy for the cryptocurrency. The model matters because falling bitcoin prices and a shrinking premium to net asset value can make fresh equity issuance more dilutive, while preferred-stock dividends raise the company’s cash requirements.

In a July 27 filing, Strategy said it neither bought nor sold bitcoin in the week ended July 26, extending its purchase pause to five weeks. Holdings remained at 843,775 BTC, acquired for $63.69 billion at an average $75,476 each; with bitcoin near $64,600, the stake carried an unrealized loss of about $9.3 billion. Strategy lifted its dollar reserve to $3.75 billion while keeping STRC’s dividend rate at 12%. On Aug. 2, Saylor posted “Bitcoin Drive engaged” on X, hinting at renewed buying without confirming a transaction.

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, 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.