Strategy sells bitcoin heavily to fund its dividend

Strategy, the US company that holds the world's largest corporate bitcoin treasury, sold 3,588 BTC this week — roughly 216 million dollars (roughly €189 million) — to meet dividend obligations on its preferred stock. It's the company's largest bitcoin sale since its tax-driven transaction in 2022, and marks a clear break from the ‘never sell’ reputation the company cultivated for years under founder Michael Saylor.

In short 💰 Strategy sold 3,588 BTC (roughly 216 million dollars / roughly €189 million) to fund dividend payments 📈 The dividend rate on its Series A Perpetual Stretch Preferred Stock rose to 12% effective July 1, 2026 🏦 The company also raised its USD reserve to 2.55 billion dollars (roughly €2.23 billion) 📊 Despite the sale, Strategy still holds 843,775 BTC — worth over 54 billion dollars (roughly €47.3 billion) at a 64,000 dollar price 🔄 Part of a broader 1.25 billion dollars (roughly €1.09 billion) bitcoin monetization program and 2 billion dollars (roughly €1.75 billion) in buyback authorizations 🧭 Grayscale: the sale could steady the market rather than destabilize it

From ‘never sell’ to active management

Since 2020, Strategy (then MicroStrategy) built the largest bitcoin position of any public company, operating under the unwritten rule that it would never sell. That approach is now under pressure: the company has acknowledged it will sell bitcoin under certain conditions to meet financial obligations. This week's sale of 3,588 BTC was made to fund dividends on its Series A Perpetual Stretch Preferred Stock — a preferred share whose dividend rate rose to 12% annually effective July 1, 2026.

Why Strategy is selling now

The sale fits within a broader capital management program: a 1.25 billion dollars (roughly €1.09 billion) bitcoin monetization program combined with 2 billion dollars (roughly €1.75 billion) in buyback authorizations across preferred and common stock. The company also raised its USD reserve to 2.55 billion dollars (roughly €2.23 billion) as of June 28, 2026 — a buffer that provides more flexibility than relying purely on bitcoin sales for future obligations.

The position remains overwhelmingly large

Despite the sale, Strategy still owns 843,775 BTC (as of July 6, 2026) — worth over 54 billion dollars (roughly €47.3 billion) at the current price of around 64,000 dollars (roughly €56,064). The amount sold is thus less than half a percent of the total treasury. Grayscale analysts noted that such a limited, disclosed sale could steady the market rather than destabilize it, since it avoids panic selling and shows the company meeting its obligations in a controlled way.

What this means for investors

For those holding Strategy stock as indirect bitcoin exposure, this is a signal to better understand the company's capital structure. The high-dividend preferred shares create obligations independent of the bitcoin price, and under sustained price pressure the company may resort to sales more often to meet them. That doesn't mean the core strategy has been abandoned, but ‘never sell’ has become a less absolute promise than before.

This development follows shortly after our analysis of Bitcoin rebounding after the Fed signal and connects to the broader picture we outlined in Bitcoin at its 2026 low point.

Strategy remains by far the largest bitcoin holder in the world, but this week's sale shows that even the most steadfast ‘hodler’ sometimes lets financial obligations take precedence over principles. For investors, it's mainly a reminder that the capital structure behind a bitcoin proxy matters just as much as the underlying price.

Sources: Strategy, Grayscale. Last checked: 7 July 2026.