Strategy, the publicly traded company led by Michael Saylor, sold 3,588 Bitcoin between June 29 and July 5 for $216 million. The sale was disclosed in an 8-K filing with the US Securities and Exchange Commission on Monday, July 6, and represents the company's second Bitcoin sale within five weeks.

The proceeds were used to fund distributions on preferred stock and to replenish the company's US dollar reserve, which stood at $2.55 billion as of July 5. That figure was unchanged from the one disclosed on June 29 when Strategy announced its BTC Monetization Program.

Two tranches, two different prices

The sale took place across two separate periods. Strategy sold 1,363 Bitcoin at an average price of $59,256 between June 29 and June 30, and a second batch of 2,225 Bitcoin at an average price of $60,773 between July 1 and July 5. After both transactions, total Bitcoin holdings stood at 843,775 BTC at a cumulative average purchase price of $75,476. The full $1.25 billion capacity under the BTC Monetization Program remains untapped as of the latest filing. The company also reported no ATM share sales or share repurchases during the period.

A break from years of accumulation-only policy

The July disposal followed a smaller sale in early June, when Strategy reported the sale of 32 Bitcoin for roughly $2.5 million. That was the company's first reported Bitcoin sale since a 2022 tax-loss transaction, and it reduced holdings from 843,738 BTC to 843,706 BTC. At the time, the amount was small but notable because Strategy had built its public identity on an uninterrupted Bitcoin accumulation policy under Saylor. The July sale of 3,588 BTC is the second consecutive disposal the company has reported in two months.

That pattern had drawn criticism before Monday's filing. Ripple CEO Brad Garlinghouse said in June 2026 that the model of financing Bitcoin purchases through preferred share issuance was harmful to the market. JPMorgan analysts said the launch of Strategy's crypto reserve liquidation mechanism had created a "two-sided risk that could have been avoided" for the market.

CryptoQuant also recommended a Strategy to halt aggressive accumulation and restore cash reserves in US dollars. Julio Moreno, head of research at CryptoQuant, said that attempting to quickly restore reserves by selling Bitcoin would ultimately "kill" shareholder value.

What the capital structure looks like now

STRC, one of Strategy's primary instruments for funding Bitcoin purchases, traded at $88.70 during Monday's pre-market session, or 11.3% below its $100 intended par value, according to Yahoo Finance data. When STRC trades below par, Strategy's capacity to raise capital through new STRC sales is reduced, and the company may need to raise the nominal dividend rate to attract buyers.

Strategy reported an $8.32 billion loss on digital assets for the second quarter, nearly all of it unrealized, and said it would record a full valuation allowance against related deferred tax assets. Andrew Kang was designated principal accounting officer effective June 30, after Jeanine Montgomery retired.

Bernstein's view on forced sales

Before Monday's filing, Bernstein published a research note on Strategy's capital position. The firm said Strategy was unlikely to face forced Bitcoin liquidations, based on its liquidity position and dollar reserve coverage.

Bernstein said the company had 17 months of cash to cover dividend obligations and interest payments. Strategy's debt liabilities were a "mere" 13% of its Bitcoin collateral value, the firm noted, and the next principal payment of about $1 billion was due in the third quarter of 2028. Bernstein maintained a $150,000 year-end Bitcoin price target and said it remained "optimistic on Bitcoin long-term."

The firm characterized Strategy as a "balancing force" against market selling pressure and pointed to $5.5 billion in outflows from Bitcoin exchange-traded funds so far in 2026. Bernstein also said leading US Bitcoin miners were net sellers due to their pivot toward AI.

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