BTC : Strategy affiche 8,3 Md$ de perte et vend 3 588 Bitcoin

Strategy a disclosed an $8.32 billion unrealized loss on its digital-asset holdings for the second quarter after Bitcoin's price decline pushed the value of its treasury below its cost basis. In a July 6 filing, the company, formerly MicroStrategy, reported selling 3,588 Bitcoin for roughly $216 million between June 29 and July 5, in two batches at average prices of $59,256 and $60,773. Proceeds went to fund quarterly and monthly distributions on its STRF, STRE, STRK, STRD, and STRC preferred series. Lookonchain estimated the sale locked in a loss of more than $55 million against Strategy's aggregate acquisition cost.

Why it matters

The sale marks a clear pivot in how Strategy uses its reserve. For years the company built a market narrative around one-way accumulation and a refusal to treat Bitcoin as a source of cash. The July filing reframes Bitcoin as a working-capital asset that can be sold to service preferred dividends, replenish the dollar reserve, and cover debt service. Strategy's USD reserve stood at $2.55 billion as of July 5, and the full $1.25 billion Bitcoin Monetization Program remains undrawn. That toolkit turns Bitcoin into the variable that absorbs pressure when the preferred stack needs cash.

The shift also reshapes the preferred thesis. STR-family securities have replaced common-share issuance as the cheaper funding layer, but they carry recurring cash obligations that sit ahead of common holders. That structure works cleanly when MSTR trades at a premium to NAV and BTC is rising. When both weaken, management has to choose between selling equity at unattractive prices, drawing reserves, or selling Bitcoin. The July disclosure shows Bitcoin winning that contest for the first time at scale.

Market impact

Strategy still holds 843,775 BTC acquired at an average price of $75,476, well above current spot, and remains a net buyer of more than 85,000 BTC quarter-to-date. Yet the symbolic weight of Saylor selling to pay preferred dividends is harder to dismiss. Mining-pool founder Jiang Zhuoer argued the sale signals MSTR is preparing to swing-trade a massive coin position, with the 20,000 BTC already approved by shareholders likely to follow. Bill Miller IV of Miller Value Partners took the opposite view, calling the move a constructive tax-loss harvest and a positive signal that Bitcoin is liquid enough to back corporate liabilities.

The tension inside the model is now the story.