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Strategy unloads 3,588 BTC
Strategy sold 3,588 BTC for about $216 million between June 29 and July 5, using the proceeds to fund preferred-stock dividends and refill its cash reserve.
“Strategy sold 3,588 BTC between June 29 and July 5 for $216 million”
Decrypt reported that the sales leave Strategy holding 843,775 BTC alongside a $2.55 billion U.S. dollar reserve, and that the firm booked an $8.32 billion loss on digital assets in the second quarter, almost entirely unrealized.
Cryptonews.net quoted Jiang Zhuoer, founder of the B.TOP mining pool, saying it is highly likely that Strategy will sell all 20,000 $BTC for which it had previously received approval.
Zhuoer also said Strategy recently sold 3,588 $BTC, raising approximately $216 million in cash, and he described the move as the company’s first large-scale Bitcoin sale.
In the same reporting, Zhuoer criticized the decision despite Strategy having $2.55 billion in cash reserves and said those reserves were sufficient to cover the company’s interest payments for 17.6 months.
Debate over capital allocation
@coindesk framed the move as a challenge to Strategy’s capital-allocation playbook, noting that the company announced the sale of 3,588 BTC just days after buying 3,657 BTC at far higher prices.
In that same account, @coindesk said Strategy booked an $8.32 billion loss on its bitcoin holdings in the second quarter and described the “main culprit” for the billions of “paper losses” as a dramatic decline in bitcoin from $74,000 in late May to below $58,000 last week.
Cryptonews.net added that Zhuoer said the rationale behind Strategy’s current large-scale cryptocurrency sales is unclear, and he argued that Strategy could continue to raise funds through new common share issuances if it needs dollars.
Zhuoer said this development marks a break from Strategy’s long-held narrative of “never selling cryptocurrency,” and he suggested Strategy’s decision to sell Bitcoin could only be explained by preparation to use a large amount of $BTC for short-term trading.
@coindesk also reported that Strategy now holds 843,775 bitcoin purchased at an average price of $75,476, maintaining its position as the largest publicly traded corporate holder of the cryptocurrency.
Dividends, reserves, and risk
Caliber.Az reported that Strategy sold 3,588 BTC worth about $216 million and said the company’s proceeds would be used to fund payments on its STRC preferred shares and strengthen its US dollar reserve, which totals $2.55 billion.
“The company said the proceeds will be used to fund payments on its STRC preferred shares”
Decrypt said Strategy’s BTC Monetization Program, unveiled on June 29, lets it raise up to $1.25 billion by selling Bitcoin, and it said the program remained fully available as of July 5.
@coindesk linked the sales to preferred-stock investors’ dividend coverage, stating that Strategy has cash reserves exceeding 17 months of dividend coverage and that companies with 18 months or more of coverage are considered to be in a good spot.
Cryptonews.net said Zhuoer argued that Strategy’s “no-sell” narrative and investor confidence should outweigh the effect of any share issuance reducing the amount of Bitcoin per share.
Decrypt quoted Strategy’s disclosure that “As of 7/5/2026, we hodl ₿843,775 in our BTC Reserves and $2.55 billion in our USD Reserves,” tying the next phase of liquidity planning directly to its remaining BTC and USD reserves.
