Michael Saylor’s company, Strategy Inc. (formerly known as MicroStrategy), is the world’s first and largest Bitcoin Treasury Company. Strategy has disclosed the sale of 3,588 Bitcoin (BTC) for approximately $216 million between June 29 and July 5, 2026. According to a regulatory filing, the liquidations were executed to fund distribution payments for the company’s perpetual preferred stock.
Following the transactions, Strategy’s Bitcoin reserve sits at 843,775 BTC. The corporate treasury firm notably refrained from using its at-the-market (ATM) stock program or initiating any share buybacks during this window. Despite the $216 million divestment, Strategy maintains a substantial cash reserve of $2.55 billion.
Bitcoin dropped on the news due to a couple of factors. For years, Michael Saylor’s Strategy acted as the market backstop, projecting an image of absolute diamond hands. Selling Bitcoin to fund standard corporate obligations, even a fraction of a percent of their total stack, signals to the market that Bitcoin is no longer an untouchable reserve asset.
Strategy previously built a massive capital structure by issuing perpetual preferred stock to fund aggressive Bitcoin acquisitions. However, those shares require regular dividend distributions. By using Bitcoin sales to cover these yields, Strategy has established a precedent. Traders now expect the company to routinely dump chunks of Bitcoin onto the market at regular intervals to service its equity vehicle, creating predictable structural headwind.
