CoinDesk
Strategy sold 3,588 BTC this morning, days after buying 3,657 BTC at materially higher prices, leaving the company with a net addition of just 69 bitcoin despite deploying roughly $20 million in additional capital. The implied average cost on those net new holdings exceeded $289,000 per coin, according to on-chain commentator KALEO, meaning Strategy sold below its recent buy-in to fund the move.
The company also disclosed an $8.32 billion mark-to-market loss on its bitcoin holdings for the second quarter, as BTC slid from about $68,000 on April 1 to roughly $60,000 by quarter-end. Strategy now holds 843,775 bitcoin acquired at an average price of $75,476, still the largest publicly traded corporate treasury of the asset.
Why it matters
The pattern of the past month looks less like treasury accumulation and more like balance-sheet defense. Strategy's late-May sale of a tiny 32 BTC was the trigger that took BTC from near $74,000 to below $58,000 within days, and this morning's larger sale extended that pressure. The mechanism reads as dividend preservation: STRC, Strategy's high-yielding preferred, just bumped its coupon by 50 basis points to 12%, and the parent is now willing to sell spot bitcoin into a falling market to keep that yield credible to holders.
STRC itself tells the story. While BTC and MSTR are lower on the session, STRC is up another 2.1%, rebounding from last week's low below $75 toward $90. Preferred buyers are voting with their dollars that the dividend is safe, even if it costs the common equity its bitcoin-bid narrative.
Market impact
For bitcoin, the read is two-sided. The largest single corporate accumulator has effectively stepped off the buy side, and any future inflows look capped near zero while STRC coverage is rebuilt. Strategy's cash reserves now cover more than 17 months of dividend obligations, just under the 18-month threshold preferred-stock analysts treat as comfortable, so further sales are likely but probably modest in size.
The more important shift is structural: a regime where Strategy sells into weakness to fund a 12% preferred removes the reflexive buyer the market had priced in for two years.
Frequently asked questions
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Why is Strategy selling bitcoin now?
Strategy appears to be selling into a weak tape to defend the 12% dividend on its STRC preferred, which just had its coupon bumped by 50 basis points. The company now holds 17 months of dividend coverage in cash, just under the 18-month threshold preferred analysts treat as comfortable.
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How much bitcoin did Strategy sell and at what cost?
Strategy sold 3,588 BTC this morning, days after buying 3,657 BTC at materially higher prices. The net addition was just 69 BTC on roughly $20M deployed, and the implied average cost on those net new holdings exceeded $289,000 per coin, according to on-chain commentator KALEO.
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How large was Strategy's Q2 bitcoin loss?
Strategy booked an $8.32 billion mark-to-market loss on its bitcoin holdings in the second quarter, as BTC slid from about $68,000 on April 1 to roughly $60,000 by quarter-end.
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How much bitcoin does Strategy still hold?
Strategy holds 843,775 BTC purchased at an average price of $75,476, remaining the largest publicly traded corporate holder of the cryptocurrency.
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What does this mean for the bitcoin price?
The largest single corporate accumulator has effectively stepped off the buy side, removing a reflexive bid the market had priced in for two years. Until either STRC coverage is comfortably above 18 months or BTC stabilizes above Strategy's $75,476 average cost, the company's role is closer to a forced seller than a…
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