Michael Saylor's Strategy sold 3,588 Bitcoin between June 29 and July 5, raising approximately $216 million to fund dividend payments on its Digital Credit securities, according to company filings. The sale marks the firm's largest Bitcoin disposal since an earlier symbolic sale of 32 BTC.
Two separate transactions
The filing reveals two distinct sales during the period. Between June 29 and June 30, Strategy sold 1,363 BTC for roughly $80.8 million. From July 1 to July 5, it sold another 2,225 BTC for about $135.2 million. CEO Michael Saylor confirmed the proceeds went toward dividends for STRF, STRE, STRK, and STRD, as well as the June monthly dividend for STRC. The company did not purchase any Bitcoin during this period.
First sale under updated capital framework
The divestiture follows Strategy's updated capital management framework, which authorizes share issuance or Bitcoin sales to maintain sufficient cash for dividend obligations. Concerns had emerged earlier over the firm's declining cash reserves in May. According to the filing, Strategy did not sell shares via its at-the-market offering program or repurchase any shares. After the transactions, the company held 843,775 BTC alongside approximately $2.55 billion in U.S. dollar reserves.
Quarterly Bitcoin loss of $8.32 billion
Strategy disclosed a quarterly loss of $8.32 billion on its Bitcoin holdings for the period ending June 30. The figure includes $8.31 billion in unrealized losses and about $900 million in realized losses. The carrying value of its Bitcoin stood at $49.67 billion as of June 30, but a valuation allowance was required against deferred tax assets due to cost basis exceeding fair value.
Market reaction and analyst take
Bitcoin briefly dipped below $61,500 after the news broke, before recovering, according to Santiment. Grayscale Head of Research Zach Pandl commented that the updated financing framework strengthens confidence in Strategy's funding structure. Market participants are watching for any further sales under the new framework.