Strategy sold 3,588 BTC for approximately $216 million between June 29 and July 5, 2026, according to a Form 8-K filed with the SEC on Monday July 6, marking the company’s second Bitcoin redemption this year and its first sale under a newly approved BTC Monetization Program.
Why Strategy Sold and Why
The sale happened in two tranches. Strategy sold 1,363 BTC for $80.8 million at an average price of $59,256 between June 29 and June 30, then sold another 2,225 BTC for $135.2 million at an average price of $60,773 between July 1 and July 5. The blended average across both tranches works out to roughly $60,000 per BTC.
Proceeds funded dividend payments across Strategy’s preferred stock series, including STRF, STRE, STRK, STRD, and the June monthly dividend for STRC, and replenished the company’s USD reserve to $2.55 billion as of July 5, up from $1.4 billion the week before.
Strategy now holds 843,775 BTC, acquired for a total cost of approximately $63.69 billion at an average purchase price of $75,476 per Bitcoin, worth around $52.3 billion at current prices and carrying roughly $11.4 billion in paper losses. That is a meaningfully larger sale than the 32 BTC the company sold at the end of May.
The sale followed last week’s approval of Strategy’s BTC Monetization Program, which authorizes up to $1.25 billion in selective Bitcoin sales to strengthen the USD reserve, fund dividends and debt servicing, or finance share repurchases. Strategy said the full $1.25 billion capacity remains available despite this transaction.
Separately, the company disclosed that it expects an $8.32 billion loss on digital assets for the second quarter, comprising $8.31 billion in unrealized losses and about $900,000 in realized losses.
What Does This Mean for the “Never Sell” Bitcoin Strategy?
Analysts see the sale as a test of Strategy’s long-standing “never sell” positioning. Mike McCluskey, Co-Founder of TX, pointed to $60,000 as “the definitive technical and psychological line in the sand, particularly given Strategy’s forced exit at $60,201.”
However, JPMorgan analysts described the formalized sale policy as introducing “avoidable two-way risk” into crypto markets, since Strategy can now act as both buyer and seller.
Bernstein analysts also pushed back on Monday, arguing that the company’s balance sheet makes forced selling unlikely, noting that Strategy has still bought about 175,000 BTC for roughly $14 billion so far in 2026.
MSTR shares gained 21.1% last week following the Digital Credit Capital Framework announcement, closing Thursday July 2, at $100.77, though the stock remains down 73.7% over the past year.
What this means for you: Strategy remains the largest corporate Bitcoin holder by a wide margin, and this sale does not signal an exit from its treasury strategy. It does show the company is now willing to sell BTC under specific conditions tied to preferred stock obligations, a shift worth watching if further sales follow. For readers building a long-term Bitcoin allocation, our guide to crypto investment strategy covers how to think about volatility and holding periods without reacting to any single institutional headline.
