TYSONS CORNER, Virginia, July 7, 2026, 04:23 EDT
- Strategy Inc NASDAQ:MSTR sold 3,588 bitcoin for $216.0 million, leaving the company with 843,775 bitcoin as of July 5.
- The digital-asset loss for the second quarter was $8.32 billion, with just $0.9 million of it realized.
- MSTR last traded at $100.77 ahead of the regular U.S. market open. Bitcoin was at $63,086.
Strategy Inc NASDAQ:MSTR, which used to be MicroStrategy, sold 3,588 bitcoin in the week to July 5, pulling in $216.0 million. This is the first big move under the company’s new plan to use some of its bitcoin to pay preferred dividends and protect its dollar reserve. Strategy didn’t sell any stock from its at-the-market program or buy back any shares during the week, according to the company.
This small sale is giving investors something to consider. The move covered just 0.42% of Strategy’s bitcoin pile going into the sale, but the sale price worked out to $60,201 per coin. That’s about 20% under the $75,476 average Strategy paid for the rest of its bitcoin as of July 5. On a basic cost basis, the sale price trailed that average by about $54.8 million for the same number of coins.
| Period | BTC sold | Proceeds | Avg sale price | BTC held after period | Avg purchase price after period |
|---|---|---|---|---|---|
| June 29-30 | 1,363 | $80.8 mln | $59,256 | 846,000 | $75,578 |
| July 1-5 | 2,225 | $135.2 mln | $60,773 | 843,775 | $75,476 |
| Total / latest | 3,588 | $216.0 mln | $60,201 | 843,775 | $75,476 |
Strategy reported an $8.32 billion digital-asset loss, almost all mark-to-market. Of that, $8.31 billion was unrealized, with just $0.9 million realized—about 0.01% of the loss. The company said digital assets stood at a $49.67 billion carrying value at June 30, which is lower than its bitcoin cost basis.
Based on the last quoted bitcoin price, Strategy’s 843,775 bitcoin stack was valued near $53.23 billion. That puts the position about $10.45 billion under water compared to their stated $75,476 average price.
Strategy’s sale comes after its June 29 Digital Credit Capital Framework. The company put in place a $2.55 billion reserve, which it says covers around 17.4 months of expected preferred dividends and debt interest. Strategy added that with another $1.25 billion in board-approved bitcoin monetization, total liquidity could cover about 25.9 months. The July 6 filing said the full $1.25 billion in reserve-building capacity was untouched as of July 5.
| Capital item | Amount / policy | Investor read-through |
|---|---|---|
| USD reserve | $2.55 bln | Covers payouts on preferred shares and debt |
| Current annual dividends and interest | About $1.76 bln | Reserve covers around 17.4 months |
| Reserve plus BTC monetization capacity | $3.80 bln | This covers roughly 25.9 months |
| STRC dividend rate | 12.00% | Preferred shares cost more to maintain |
| Digital Credit repurchase program | Up to $1.0 bln | Possible to buy preferreds below par |
| MSTR common repurchase program | Up to $1.0 bln | Can repurchase common when management decides it’s cheap |
| BTC monetization capacity for reserve build | Up to $1.25 bln | Still fully untapped as of July 5 |
Executive Chairman Michael Saylor said in the framework release that Strategy is still committed to Bitcoin, but Digital Credit needs more “active capital management.” CEO Phong Le described the move as a change from “one-way capital issuance.” CFO Andrew Kang said, “Bitcoin is capital.” Strategy
Reuters said last week that Strategy’s enterprise value slipped below the value of its bitcoin stash for the first time, with the mNAV ratio at 0.99. Nic Puckrin from Coin Bureau called the capital plan “responsible.” Andrei Grachev at DWF Labs said there are “two paths”: Strategy either sells some bitcoin, or the share price drops enough that buyers step in to grab the bitcoin at a discount. Reuters
If Strategy maxed out its $1.25 billion in bitcoin monetization right now, it would have to sell close to 19,800 bitcoin—around 2.35% of what it holds. It would still own over 823,000 bitcoin after the sale. But for shareholders, the problem isn’t just how much bitcoin the company keeps. The real question is how much bitcoin gets tapped for things like preferred dividends, debt payments, and buybacks, instead of just being stockpiled.
Strategy raised $335.5 million two weeks before the sale by selling 2.7 million common shares, then picked up 520 bitcoin. In the new filing, the company did not sell common stock or buy any back. Instead, it sold bitcoin to fund preferred payouts and top up reserves.
