TheBlock
Strategy sold 3,588 BTC for roughly $216 million last week, its largest bitcoin offload in history and only the third sale the company has ever made. The tranches — 1,363 BTC at an average $59,256 between June 29 and 30, then 2,225 BTC at $60,773 between July 1 and 5 — brought total holdings to 843,775 BTC, bought at an average $74,476 for $63.7B of cost and now carrying about $11.4B of paper losses.
Why it matters
The sale answers a question the balance sheet could not, according to CF Benchmarks' Gabe Selby: whether management is willing to sell bitcoin to reinforce dollar liquidity. The 0.42% reduction equals roughly 1.5 months of current financing carry, so the immediate solvency case is closed. The longer question is whether the sale stays episodic or becomes a recurring requirement to service the expanded STRC-led capital structure.
Market impact
Strategy's near-term obligations look covered: annual financing costs run about 3.4% of the value of its BTC stack, and cash reserves cover 17.4 months of that carry, 25.9 months including authorised reserve-building capacity. CF Benchmarks models just a 2.5% probability of BTC falling to roughly $23,300, the level at which Strategy's bitcoin plus dollar reserves would match its modelled debt and preferred obligations.
The bigger read is capacity. The headline $1.25B BTC Monetization Program caps only reserve-funding sales, per VanEck's Matthew Sigel; bitcoin sold directly to fund preferred dividends sits outside that ceiling. STRC, the 12% preferred that drove most of this year's accumulation, has traded below par since mid-May and has not been used to buy additional bitcoin for several weeks. MSTR itself remains about 79% below its summer 2025 peak, with an enterprise mNAV of 1.07, leaving management with thinner equity cushion to absorb the next drawdown.
Frequently asked questions
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How much bitcoin did Strategy sell and at what price?
Strategy sold 3,588 BTC for roughly $216 million last week — 1,363 BTC at an average $59,256 between June 29 and 30, and 2,225 BTC at $60,773 between July 1 and 5.
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How many bitcoin does Strategy still hold?
Strategy holds 843,775 BTC, bought at an average price of $74,476 for a total cost of about $63.7 billion. At announcement the stack carried roughly $11.4 billion of paper losses.
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What did CF Benchmarks say about the sale?
CF Benchmarks' Gabe Selby said the sale answers whether management is willing to offload bitcoin to reinforce dollar liquidity, not just top-line the stack. The near-term concern is whether selling becomes a recurring requirement to service the STRC-led capital structure.
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Is Strategy at risk of running out of bitcoin to cover its obligations?
CF Benchmarks models just a 2.5% probability of BTC falling to ~$23,300, the level at which Strategy's bitcoin plus dollar reserves would match its modelled debt and preferred obligations. Cash reserves currently cover 17.4 months of financing carry.
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Why did VanEck say Strategy has more selling capacity than the headline suggests?
VanEck's Matthew Sigel noted the $1.25B BTC Monetization Program caps only reserve-funding sales; bitcoin sold directly to fund preferred dividends sits outside that ceiling, so total potential selling capacity is higher than the headline figure implies.
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