In brief
- Strategy has sold thousands of Bitcoin since introducing its BTC Monetization Program in June.
- The program allows the company to sell BTC to fund dividends, replenish its cash reserve, and repurchase securities.
- Here's why Strategy is selling Bitcoin and how much it has sold so far.
Since 2020, publicly traded technology company Strategy has spent billions buying Bitcoin. After years of its leadership saying it would never sell, the world’s largest corporate holder of Bitcoin is now selling some of its stockpile.
Strategy’s aggressive Bitcoin accumulation has become a model for other companies looking to add the cryptocurrency to their balance sheets.
However, Strategy began shifting away from its strict buy-and-hold approach as market conditions worsened in 2026. Last week, Strategy sold 1,690 BTC for $108.6 million, according to its latest disclosure, continuing a series of sales that began earlier this year.
In May, CEO Phong Le said Strategy could sell Bitcoin when doing so would benefit shareholders.
“At the point where selling Bitcoin versus selling equity to pay a dividend is better for our bitcoin-per-share, we will do it,” Le told CNBC.
Executive Chairman Michael Saylor said Strategy could sell Bitcoin to fund dividends, while stressing that its goal was to “never be a net seller” of Bitcoin, rather than never sell at all.
“I'm very famous for saying ‘never sell your Bitcoin.’ That's why the internet went crazy when we said we might sell it,” Saylor said in an interview on the David Lin podcast. “But if I was being more precise: never be a net seller of Bitcoin. It just wouldn't have been so viral.”
The shift was also driven by STRC’s falling share price. In May, Strategy’s preferred stock fell below its $100 per share, constraining the company’s ability to issue new STRC shares and cutting off a source of capital it had used to fund Bitcoin purchases. Strategy responded by introducing a broader capital management framework that allowed it to sell Bitcoin, build its cash reserves, and repurchase preferred shares.
The company has since sold Bitcoin and used some of the proceeds to buy back STRC shares at a discount as it seeks to push the stock back toward $100.
Strategy Bitcoin sales so far
Since May, Strategy has sold 6,948 BTC for roughly $432.5 million, including selling 32 BTC for roughly $2.5 million that month, its first Bitcoin sale since 2022. The company has used the proceeds to fund payments on its preferred stock.
