Strategy Sells 3,588 BTC as Bitcoin Treasury Playbook Shifts

Strategy used the proceeds to fund preferred stock distributions and replenish its dollar reserve, marking a notable change from its long-running accumulation-only approach.

Strategy disclosed its latest Bitcoin sales in a July 6 Form 8-K, saying it sold a total of 3,588 BTC between June 29 and July 5, 2026. The transactions generated roughly $216 million in aggregate proceeds, according to the company’s own filing.

The first sale covered 1,363 BTC between June 29 and June 30 at an average sale price of $59,256, raising $80.8 million. Strategy then sold another 2,225 BTC between July 1 and July 5 at an average sale price of $60,773, bringing in $135.2 million.

Strategy Taps Bitcoin for Preferred Stock Payments

The company said the proceeds from the Bitcoin sales were used to fund distributions on preferred stock and replenish the portion of its USD reserve used for that purpose. Strategy did not sell any shares under its at-the-market offering program during the same June 29 to July 5 period.

That detail matters because the firm has historically relied heavily on capital markets activity to expand its Bitcoin holdings. This filing shows the company using a portion of its BTC position as a liquidity tool instead of issuing new shares during the period.

As of June 30, Strategy held 846,000 BTC with an aggregate purchase price of $63.94 billion and an average purchase price of $75,578. By July 5, after the second batch of sales, its holdings stood at 843,775 BTC with an aggregate purchase price of $63.69 billion and an average purchase price of $75,476.

USD Reserve Remains Central to the New Framework

The sale follows Strategy’s June 29 announcement of a broader BTC Monetization Program. Under that framework, the board authorized the company to sell Bitcoin from time to time for specific purposes, including generating up to $1.25 billion for its USD reserve, funding preferred dividends and interest expense, and supporting repurchases of preferred securities or common stock.

Strategy said its USD reserve balance was $2.55 billion as of July 5. The company also noted that the full $1.25 billion reserve-building capacity under the BTC Monetization Program remained available at that date.

The filing also showed pressure from Bitcoin’s price decline, with Strategy reporting an $8.32 billion loss on digital assets for Q2 2026, including $8.31 billion in unrealized losses.

Next, investors will watch whether these sales remain limited treasury management moves or become a recurring part of Strategy’s capital strategy.