From June 30 to July 6, the largest Bitcoin treasury, Strategy, reduced its cryptocurrency reserves by 3,588 BTC (approximately $226 million).

Strategy has sold 3,588 $BTC for $216 million to fund dividends on our Digital Credit securities. As of 7/5/2026, we hodl ₿843,775 in our BTC Reserves and $2.55 billion in our USD Reserves.https://t.co/BjIBxLmI3Q— Strategy (@Strategy) July 6, 2026

As of this writing, the firm still manages 843,775 BTC ($52.2 billion).

Strategy explained that the sale was necessary to cover quarterly dividends for four classes of its preferred shares — STRF, STRE, STRK, and STRD — as well as the full monthly dividend for June on STRC.

Market Reaction

Following the news, Strategy's stock price fell nearly 2% in pre-market trading, dropping to $98.91. Year-to-date, the company's shares have declined by 33.6%.

Source: Yahoo Finance.

Bitcoin also saw a 1% correction, dropping from a local high of $63,800 to $62,000.

Hourly chart of BTC/USDT on Binance. Source: TradingView.

Context

In early May 2026, Strategy's management first hinted at the possibility of selling Bitcoin as part of a new liquidity management program. Founder Michael Saylor emphasized that such a move might be necessary in light of a quarterly loss of $12.7 billion and increasing pressure on the capital structure.

In June, the company sold 32 BTC for approximately $2.5 million for the first time in four years. Representatives of the Bitcoin treasury explained that this sale was necessary to meet obligations related to STRC.

Grayscale referred to the transaction as a "stress test" for Strategy. Experts noted that even small sales could negatively impact perceptions of the company's stability and raise doubts about its ability to continue accumulating the leading cryptocurrency.

Analysts at JPMorgan shared a similar view, adding that the initiation of Strategy's crypto reserve liquidation mechanism created a "two-sided risk that could have been avoided" for the market.

Recall that in June, Ripple CEO Brad Garlinghouse criticized Strategy's model as harmful to the market, as it finances cryptocurrency purchases through the issuance of preferred shares.

CryptoQuant urged the company to halt aggressive Bitcoin purchases and restore its cash reserves in U.S. dollars. Julio Moreno, head of research at the project, believes that the attempt to quickly replenish reserves by selling cryptocurrency will ultimately "kill" shareholder value.