- Strategy sold 3,588 BTC for $216M to fund quarterly preferred stock dividend payments.
- A new treasury framework lets Strategy sell limited Bitcoin when it offers a stronger financial outcome.
- Peter Schiff claimed Strategy sold BTC below cost, estimating a $54M realized loss.
Strategy disclosed that it sold 3,588 Bitcoin for about $216 million between June 29 and July 5, 2026, marking one of the few times the company has reduced its Bitcoin holdings. The proceeds were used to pay quarterly dividends on its Digital Credit preferred securities.
Even after the transaction, Strategy held 843,775 Bitcoin and about $2.55 billion in U.S. dollar reserves, leaving investors to assess what the sale means for Michael Saylor’s long-standing “never sell Bitcoin” stance.
The disclosure came as Strategy shares fell on July 6. Google Finance data showed the stock trading around $96.52 after the Nasdaq opening bell, down 4.22% from the previous close. The company has consistently described Bitcoin as its primary treasury reserve asset, making any sale from its holdings a closely watched event.
Strategy Explains the Bitcoin Sales
Strategy recently introduced its Digital Credit Capital Framework and BTC Monetization Program, setting out how it can use its Bitcoin holdings while keeping the cryptocurrency as its primary treasury reserve asset. The policy allows limited Bitcoin sales to fund preferred dividends, maintain its U.S. dollar reserve, and support share or security repurchases that the company believes add value.
The framework also calls for enough cash to cover at least 12 months of expected dividend and interest payments. Strategy said its $2.55 billion U.S. dollar reserve currently covers about 25.9 months of those obligations. The company said the approach gives it greater financial flexibility while maintaining its long-term focus on Bitcoin.
Why the Company Could Sell More Bitcoin
The framework also allows Strategy to sell Bitcoin if the company believes doing so would create more value for shareholders than issuing new shares. According to the company, that option could help limit shareholder dilution while providing another source of capital. Strategy said proceeds from Bitcoin sales could also be used to improve liquidity, strengthen its credit profile, or repurchase securities it considers undervalued.
The policy gives the company more flexibility as market conditions change. Strategy said it can use the framework to reduce the need to raise capital on unfavorable terms, while tax considerations, accounting rules, and debt obligations may also influence when and how it sells Bitcoin.
Critics Challenge the New Direction
Meanwhile, economist Peter Schiff criticized the Bitcoin sale in a post on X, saying Strategy was now selling Bitcoin to fund interest payments, preferred dividends, debt repayments, and share buybacks. He also claimed the company sold the Bitcoin below its average purchase price, estimating the transaction resulted in a realized loss of about $54 million.
Related: Bitcoin Price Prediction: Will BTC Hit $70K in July 2026?
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