Strategy has disclosed the sale of $216 million in Bitcoin, a notable break from the company’s long-standing “never sell BTC” stance. A filing submitted to the US Securities and Exchange Commission on July 6 showed that its Bitcoin reserve fell to 843,775 BTC after the transaction.
New capital framework opens the door to Bitcoin sales
The sale came only days after Strategy introduced a new capital framework that permits Bitcoin sales for two specific purposes: paying dividends to holders of its STRC preferred stock and increasing corporate cash reserves. At the same time, the company lifted the annual dividend rate on STRC shares to 12% and reported $2.55 billion in US dollar reserves.
In a recent update, Michael Saylor said that “orange dots tell only part of the story.” He did not spell out the full meaning of that remark, but the comment added to the view that Strategy may now be willing to manage its Bitcoin balance sheet with more flexibility. That shift has drawn close attention, given the company’s status as one of the largest corporate Bitcoin holders in the world and its earlier commitment to a strict buy-and-hold approach.
Standard Chartered calls for clearer messaging
Geoff Kendrick, global head of digital assets research at Standard Chartered, said the company’s recent policy and messaging changes could create short-term uncertainty for Bitcoin. His concern centered on what he described as ambiguous communication from Saylor around the new approach.
Kendrick argued that Strategy should explain more clearly how Bitcoin is being used to support STRC preferred stock. In his view, better communication would help reassure investors that broad-based selling is unlikely, which could support BTC prices. He also said clearer market signaling may ease selling pressure and help preserve STRC’s value. Even with those concerns, Standard Chartered kept its $100,000 year-end Bitcoin price forecast unchanged.
Pressure builds on STRC and MSTR ahead of earnings
The strategic shift comes during a difficult stretch for shareholders. STRC preferred shares fell below their $100 par value last month, touching their lowest level since issuance a year ago. Meanwhile, the company’s common stock, MSTR, has dropped by more than 70% since July 2025 and closed at $94.64 last Friday, far below its 52-week high of $457.22.
Strategy is set to report second-quarter earnings on July 30, with analysts expecting average earnings of $4.28 per share. The company has missed earnings estimates in six of the last eight quarters, including a 33.76% negative surprise in the first quarter of 2026. The latest developments put fresh attention on how large institutional Bitcoin holders manage liquidity, shareholder obligations, and market expectations at the same time.