Summary
- Strategy has offloaded thousands of Bitcoin since launching its BTC Monetization Program in June.
- This initiative enables the company to sell Bitcoin to fund dividends, enhance its cash reserves, and buy back securities.
- Here’s an overview of why Strategy is selling Bitcoin and the amount sold to date.
Since 2020, the publicly traded tech firm Strategy has invested billions in Bitcoin. After years of affirming a commitment to hold its assets, the largest corporate Bitcoin holder is now divesting some of its reserve.
Strategy’s aggressive strategy of accumulating Bitcoin has served as a blueprint for other companies aiming to incorporate the cryptocurrency into their financials.
However, as market conditions soured in 2026, Strategy began to deviate from its previous buy-and-hold strategy. Recently, the company sold 1,690 BTC for $108.6 million, a continuation of sales that started earlier this year.
In May, CEO Phong Le stated that the company might sell Bitcoin if it would serve the interests of shareholders.
“If selling Bitcoin is more advantageous than selling equity for dividend payments, we will do it,” Le told CNBC.
Executive Chairman Michael Saylor mentioned that while the company could sell Bitcoin to fund dividends, its main aim is to “never be a net seller” of Bitcoin rather than to avoid selling altogether.
“I’ve been known for saying ‘never sell your Bitcoin.’ That’s why there was such a stir when we hinted at selling,” Saylor explained in an interview on the David Lin podcast. “But to clarify: never be a net seller of Bitcoin. That would have been less sensational.”
The change in strategy was also influenced by the declining price of STRC shares. In May, Strategy’s preferred stock dropped below $100 per share, limiting the company’s ability to issue new STRC shares and cutting off a source of funding for Bitcoin purchases. To address this, Strategy implemented a more comprehensive capital management approach, allowing for Bitcoin sales to bolster cash reserves and repurchase preferred shares.
The firm has since sold Bitcoin, using some of the revenue to buy back STRC shares at a favorable rate as it aims to push the stock back toward $100.
Details of Strategy's Bitcoin Sales
Since May, Strategy has sold a total of 6,948 BTC for approximately $432.5 million, starting with the sale of 32 BTC for about $2.5 million—its first Bitcoin sale since 2022. The proceeds from these sales have been allocated to meet obligations on its preferred stock.
In late June, Strategy established its Digital Credit Capital Framework, which formalizes conditions under which the company can sell Bitcoin.
This policy permits Strategy to sell up to $1.25 billion in Bitcoin to replenish its dollar reserves, which stood at $4 billion as of August 2, and to fund dividends, interest payments, and share buybacks. The initial sale of 32 BTC occurred prior to this framework and does not count toward the $1.25 billion limit.
Since June, the policy has been utilized more broadly, with the company selling 3,588 BTC for roughly $216 million earlier this month. Strategy indicated that these funds were used for preferred-stock dividends and to bolster its cash reserves.
On August 3, Strategy disclosed the sale of another 1,638 BTC for $105 million, with $52.4 million allocated for dividends on preferred stock and $52.3 million for STRC share repurchases.
Most recently, last week, the company sold another 1,690 BTC for approximately $109 million, with the proceeds directed toward STRC buybacks.
This latest transaction brings Strategy's total Bitcoin sales this year to 6,948 BTC, amounting to around $432.5 million.
Despite these sales, Bitcoin remains the cornerstone of Strategy's treasury, with the company still holding over 840,000 BTC, valued at approximately $53.6 billion, as reported in its latest SEC filing on Monday.
Strategy's recent policy adjustment provides it with the flexibility to choose between selling Bitcoin and issuing new shares when cash is needed. While the firm has historically adhered to a “never sell” philosophy regarding Bitcoin, recent developments indicate a shift in how it manages its holdings.