Why Is Strategy (MSTR) Selling Bitcoin?
The June–July 2026 sales, explained with the actual filings
In mid-2026, Strategy — the world's largest corporate Bitcoin holder — did something it had not done since December 2022: it sold Bitcoin. Here is what happened, why, and what it means for MSTR and its preferred stocks.
What Happened
Across late June and early July 2026, Strategy sold 3,588 BTC for about $216 million under its BTC Monetization Program, disclosed in the July 6, 2026 8-K filing:
Why: Preferred Dividends Are a Cash Obligation
Strategy funds much of its Bitcoin buying by issuing perpetual preferred stocks — STRC, STRF, STRK and STRD — that pay 8–12% annual dividends in cash. Those dividends recur every quarter or every half-month, whether Bitcoin goes up or down.
Software cash flow does not cover them, and with MSTR trading at a discount that made new common-share sales unattractive, selling a small slice of Bitcoin became the cheapest source of dollars. The company also maintains a USD reserve (about $2.25 billion as of early 2026) targeted at two to three years of dividend and interest coverage.
What It Means
It is not a strategy reversal: 3,588 BTC is roughly 0.4% of the 843,775 BTC treasury, and Strategy resumed purchases in between the sales.
But it is a signal: preferred dividend obligations now shape Bitcoin policy. The numbers to watch are the USD reserve coverage and the STRC dividend rate.
よくある質問
Is Strategy abandoning Bitcoin?›
No. The June–July 2026 sales totaled 3,588 BTC — about 0.4% of holdings — and were explicitly tied to funding preferred dividends. Strategy continued to buy Bitcoin in the same period.
How much Bitcoin did Strategy sell in 2026?›
3,588 BTC for roughly $216 million: 1,363 BTC at an average $59,256 (June 29–30) and 2,225 BTC at an average $60,773 (July 1–5), per the July 6, 2026 8-K.
Will Strategy sell more Bitcoin?›
It depends on the gap between its cash obligations (preferred dividends and debt interest) and its other funding sources (equity and preferred issuance). The company targets a USD reserve covering two to three years of these payments — watch that coverage ratio.
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