Strategy, formerly MicroStrategy, has been a symbol of corporate HODL for years. Michael Saylor repeated that Bitcoin is the best reserve capital, and the company consistently purchased BTC with money obtained from the market. Now the narrative is starting to change. The company announced a program that allows it to sell Bitcoins worth up to $1.25 billion. This is an important signal for the market because it concerns the largest corporate holder of BTC in the world.
Strategy announced that its management board approved the so-called BTC Monetization Program. In practice, this means that the company may sell some of its Bitcoins from time to time. The money is to go primarily to the dollar reserve, from which the company finances liabilities to holders of preferred shares and interest on debt.
This does not mean that Strategy will immediately put $1.25 billion of Bitcoin on the market. The program gives the company the opportunity to act, but does not impose an obligation to sell. Still, the decision itself is symbolic. The company, which for years has built its image on aggressive purchases of BTC, now officially allows the sale of part of the reserves.
Strategy has a problem with its own financing model
To understand why this information is so important, you need to look at Strategy’s operating model. The company did not purchase Bitcoin solely for profits from its core business. Over the years, it has used the issuance of shares, debt and preferred securities. She used the acquired capital to purchase further BTCs.
The problem comes when the bonus disappears. According to Reuters, Strategy’s mNAV indicator has recently dropped to around 0.99. In simple terms, this means that the value of the company has fallen below the value of the Bitcoins on the company’s balance sheet. This is a very important moment because it undermines the current mechanism driving the entire strategy.
If the market stops paying a premium for Strategy shares, issuing new shares becomes less attractive. Selling shares close to or below the value of BTC held may be disadvantageous to current shareholders. Therefore, the company needs other tools. One of them is the sale of some Bitcoins.
How much BTC can hit the market?
Strategy currently holds 847,363 BTC. The total purchase price of these Bitcoins is approximately $64.1 billion, and the average purchase price is $75,651 per BTC. With Bitcoin price around $59,000-$60,000, a $1.25 billion stake would equate to roughly $21,000. BTC.
This is approximately 2.5% of Strategy’s total portfolio. On the one hand, this is not an amount that would mean abandoning the Bitcoin strategy. On the other hand, we are talking about a supply large enough for the market to take it seriously, especially during a period of weak sentiment.
Why does Strategy need dollars?
The company explains the decision by the need for better liquidity management. Strategy has the so-called USD Reserve, i.e. a dollar reserve intended to service dividends on preferred shares and interest on debt. As of June 28, 2026, the reserve was approximately USD 2.55 billion.
Strategy said current annual dividend and interest costs are about $1.76 billion. This means that the current provision covers approximately 17.4 months of such liabilities. After adding the potential sale of BTC for USD 1.25 billion, the total liquidity would increase to approximately USD 3.8 billion, or approximately 25.9 months of coverage.
Therefore, the company wants to show the market that it is able to service its liabilities without the need for a panic issue of shares. This is particularly important as Strategy’s preferred shares, especially STRC, have come under pressure. The company also increased the annual dividend rate for STRC to 12%, which is intended to help maintain the attractiveness of these securities for investors.
The market sees two signals at once
For investors, this decision has two faces.
The first is positive. Strategy is starting to behave more like a mature financial company and less like a one-way Bitcoin buying vehicle. Building reserves, the ability to buy back your own shares and preferred securities, and controlling financing costs can improve a company’s credibility. If a company sells a small portion of BTC to strengthen its balance sheet, the market may consider it a reasonable move.
The second face is much riskier. Over the years, Strategy has been a symbol of unconditional Bitcoin accumulation for many investors. Any information about the sale therefore affects the narrative that BTC is practically untouchable on the company’s balance sheet. If the largest corporate holder of Bitcoin begins to treat its reserves as a source of liquidity, the market will closely watch whether further moves will follow.
What could this mean for Bitcoin?
The biggest risk for Bitcoin is not the $1.25 billion amount itself. Given the global liquidity of BTC, such a sale, if spread over time and carried out carefully, may not cause a disaster. Rather, the problem is market psychology.
Bitcoin is currently under pressure. The price fell to around USD 59,000-60,000, and US spot BTC ETFs are recording large capital outflows. In such an environment, any signal of a possible sale from Strategy acts as an additional burden on sentiment.
If investors start to assume that Strategy will sell BTC regularly, a so-called overhang, i.e. supply hanging above the market. Even if the sale hasn’t happened yet, the mere fear of it can hamper the price recovery.
On the other hand, controlled sales can help the market in some scenario. If Strategy clearly shows that it is selling a limited portion of BTC, building a reserve and stabilizing its capital structure, some investors may feel that the worst of the uncertainty has been taken off the table. The market often tolerates uncertainty worse than negative information itself.
The most important thing will be pace and communication
The market will be looking at three things in the coming weeks.
First, will Strategy actually start selling larger amounts of BTC. Program authorization itself does not constitute a transaction.
Secondly, whether the sale will be used mainly to build reserves and stabilize the balance sheet, or to save an increasingly expensive financing structure.
Thirdly, how will the mNAV indicator behave? If Strategy’s shares remain close to or below the value of its Bitcoin holdings, the company will have less freedom to issue new shares. This may increase the importance of BTC sales as a financing tool.
This is a breakthrough in the history of Strategy
Strategy’s decision does not mean the end of Michael Saylor’s bitcoin strategy. The company still declares that Bitcoin remains its main reserve asset. It is also difficult to talk about capitulation, since the potential sale concerns a relatively small part of the entire portfolio.
But this is a breakthrough in the narrative. Strategy is no longer solely a BTC accumulation machine. It becomes a company that must manage liquidity, dividends, preferred stock, debt and investor expectations.
This is an important test for the Bitcoin market. If Strategy conducts this process calmly and transparently, the impact on BTC may be limited. However, if the sale appears forced by market pressure, it may deepen nervousness and accelerate the outflow of capital from riskier assets.
One thing is certain: For years, investors have looked at Strategy as the largest corporate buyer of Bitcoin. Now, for the first time, they must seriously take into account that the same player can also become a seller.
