Strategy sold 3,588 BTC for roughly $216 million between June 29 and July 5, according to a filing disclosed on Monday, July 6. It is the largest bitcoin sale in the company's history and only its third, CoinDesk and Fortune reported. The proceeds paid dividends on its preferred stock.
Bitcoin rose to about $63,900 early Monday, extending the previous week's recovery, then reversed into the $61,000 to $62,000 area as the filing circulated, CoinDesk's live coverage reported. The move was modest. The message was not.
What the filing says
Strategy has long raised money by selling preferred shares, which pay a fixed dividend and rank ahead of common stock. Those dividends come due every quarter whether bitcoin trades at $100,000 or $60,000. The company's Form 8-K says the $216 million covered second-quarter payments on four preferred instruments and the full June payment on a fifth. Strategy paid with treasury bitcoin rather than by issuing new shares or debt, a shift from how it has usually raised money.
Largest corporate stack, after the sale.
About $216 million raised.
Q2 payments on four instruments, June on a fifth.
After the sale, the company reported holding 843,775 BTC and about $2.55 billion in cash as of July 5. It sold about four tenths of one percent of its stack and remains the largest corporate holder of bitcoin by a wide margin. This is not a liquidation.
What changed is the direction of flow. For years the company converted investor money into bitcoin. Last week it converted bitcoin into investor payments.
Why the never-sell era ended
For five years, the line that Michael Saylor will never sell did more work for the bitcoin bull case than any chart. The pledge ended in late May, when Strategy made its first sale, and Monday's filing adds pace and purpose. The sales are getting larger, and they are tied to a recurring obligation rather than a one-off need.
The Block noted that the bitcoin position still sits below the company's average purchase price at current market levels. Selling below cost to pay fixed dividends is the scenario bears sketched while the preferred stack was being built in the euphoria of 2024 and 2025.
The arithmetic is simple. The preferred dividends are fixed in dollars. The usual way to cover them is to issue new shares at a premium to the bitcoin held per share, and that stops working when the stock trades near or below the value of its bitcoin. With bitcoin down more than 40 percent from its highs and the premium gone, the treasury became the funding source of last resort.
This is 2026's bear market reaching its best-known balance sheet. The leverage that amplified the way up now costs the company on the way down.
What to watch next
A $216 million sale spread over a week is a rounding error against daily bitcoin volume, and the Monday reversal was about signal rather than supply. The anchor of the corporate treasury trade has shifted from accumulation to maintenance. Every quarterly dividend date now comes with an open question: whether it brings more sales or a recovered premium that lets the old buying pattern restart.
The answer probably depends on the macro calendar mapped in our July pivot piece. June CPI lands on July 14 and the Fed meets on July 28 and 29. Last week's recovery from below $60,000 to a two-week high, covered in Saturday's report, was built on the bet that the tightening cycle is done.
A soft CPI print lifts bitcoin, restores treasury-company premiums and makes the Strategy story a footnote. A hot one does the opposite. Holders waiting on the launch calendar should care too, because token projects keep timing their events to this same window for the same reason.
