Strategy has sold 6,948 BTC for roughly $432.5 million since May, using the proceeds to fund dividends and buy back preferred shares. The selling breaks from the company's longtime buy-and-hold stance, even as it still holds more than 840,000 BTC and its stock has fallen 75% over the past year.
Strategy's largest sale yet
Strategy sold another 1,690 BTC for close to $109 million last week, with the sale reported on August 10. The proceeds went toward repurchasing shares of its preferred stock, STRC. The sale brings the company's total Bitcoin sold this year to 6,948 BTC, worth roughly $432.5 million.
The company still holds more than 840,000 BTC, worth around $53.6 billion, according to a SEC filing made Monday. But the sales mark a break from Strategy's years-long "never sell" stance. Executive Chairman Michael Saylor has clarified that the goal was to "never be a net seller" of Bitcoin, not to never sell at all.
Why the buy-and-hold approach shifted
That shift traces back to May, when STRC's share price fell below $100 per share, cutting off Strategy's ability to issue new preferred shares to fund Bitcoin purchases. In response, the company introduced its Digital Credit Capital Framework in late June, allowing it to sell up to $1.25 billion in Bitcoin to replenish its dollar reserve and fund dividends, interest payments and buybacks. That reserve reached $4 billion as of August 2.
CEO Phong Le said in May that Strategy would sell Bitcoin whenever doing so improves its bitcoin-per-share better than selling equity to pay a dividend would, according to CNBC.
Wall Street still bets on a rebound
Strategy's stock has cratered 75% over the past 12 months, trading between $97 and $100 a share. Yet the consensus analyst price target sits between $229 and $240, implying roughly 130% to 150% upside from current levels. One bullish forecast pegs the target at $450, which would mark a roughly 350% return.
Strategy held over 818,334 BTC as of May 2026, making it the largest corporate Bitcoin holder. Buying the stock now amounts to a leveraged bet on Bitcoin, with corporate and dilution risk layered on top of the crypto's own volatility.
Sources: Decrypt, Crypto Briefing
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