Strategy sold 3,588 bitcoin for approximately $216 million to fund dividends on its preferred securities, the company disclosed in a Form 8-K filed July 6 — the largest bitcoin disposal in its history and the clearest sign yet that dividend obligations are now shaping its treasury decisions. The sales occurred between June 29 and July 5, leaving the company with 843,775 BTC and $2.55 billion in U.S. dollar reserves, with no share sales under its at-the-market program during the period. Bitcoin MagazineQuiver Quantitative
The sale marks a striking escalation from the company's first break with its famous "never sell" ethos. Strategy's first disposal since 2022 came in late May, when it sold just 32 coins for roughly $2.5 million — meaning the July sale is roughly one hundred times larger. The proceeds went toward servicing the company's growing stack of preferred instruments. According to Saylor, the sale covered second-quarter dividends on STRF, STRE, STRK, and STRD, plus the monthly payout on STRC — the securities that anchor what the firm now brands its "Digital Credit" business. Bitcoin MagazineBitcoin Magazine
Markets reacted quickly. Bitcoin dropped about $1,000 on the news to around $61,900, giving up its weekend gains, while Strategy shares fell roughly 2% in premarket trading. The timing carried extra sting for Saylor watchers: his weekend post "Bitcoin is Digital Energy," accompanied by the company's signature orange-dot chart, had traders anticipating another purchase announcement — instead, the filing revealed a sale. CoinDesk + 2
The move fits a broader structural shift. With Bitcoin falling below $60,000 in June from a peak near $126,000 last October and MSTR stock down about 79% over the past year, the premium that once let Strategy fund purchases through share issuance has largely evaporated — while fixed dividend and interest obligations keep coming due. The company recently launched a Digital Credit Capital Framework and warned it could sell up to $1.25 billion in BTC to extend its dividend runway beyond 25 months. Notably, selling hasn't meant retreating: Strategy continued accumulating even after its May sale, buying 1,550 BTC for $101.3 million, following a $2 billion purchase in May and $2.54 billion in April. Whether investors read the July sale as prudent balance-sheet management or a crack in the Bitcoin-treasury thesis may set the tone for crypto markets heading into the July 14 CPI print.
