Key takeaways:
- Strategy sold 3,588 BTC for $216 million to cover dividends from Digital Credit securities (July 5, 2026).
- This is 112 times more than in May, when 32 BTC for USD 2.5 million caused a wave of comments about the “betrayal of Saylor’s philosophy”.
- The company holds 843,775 BTC and $2.55 billion in cash, but the average purchase price is approximately $66,000 – $75,000. USD per BTC, and the rate is around USD 62,900.
- 24 hours before the sale was announced, Saylor published a post that generated 910,000 views. people interpreted it as a purchase announcement.
On July 5, Strategy sold 3,588 BTC for $216 million. The money went to dividends for holders of Digital Credit securities, i.e. corporate bonds that the company has been issuing since 2024 to finance subsequent bitcoin purchases. This is not a one-time incident – Strategy has just launched a systematic model in which it sells bitcoins in order to buy more bitcoins.
Strategy – BTC sales 2026
$2.55 billion
cash (USD Reserves)
~$10 billion
unrealized loss
The 3,620 BTC sold in total is 0.43% of the entire Strategy portfolio. 840,155 BTC remains in reserves.
Total purchased in 2026: ~174,900 BTC (~$13.7 billion)
Total sold in 2026: 3,620 BTC (~$218.5 million)
Portfolio as of July 5, 2026: 843,775 BTC
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How “never sell” ended up at USD 216 million
For years, Saylor has been the face of the BTC unconditional hold philosophy. On June 29, Strategy introduced a document called the “Digital Credit Capital Framework”, which authorizes the sale of BTC worth up to USD 1.25 billion. Formal purpose: to service obligations to holders of STRC and STRK series preferred stock, which guarantee holders regular dollar dividends.
In other words: the company took out debt payable in dollars, secured by bitcoins. When the BTC price drops and dollar liabilities increase, it must sell more coins to cover the same amount. Previously, the market did not take this opportunity seriously. Now it is a fait accompli.
In May 32 BTC, in July 3,588 BTC. What has changed in six weeks
In May 2026, Strategy sold 32 BTC for $2.5 million. Saylor then explained that these were “two basis points” of the entire portfolio and a story irrelevant to the company’s fundamentals. July shows a different scale: 3,588 BTC is 112 times more than in May, with the same justification – dividends.
The mechanism is simple. The average purchase price of Strategy is approximately PLN 66,000 – PLN 75,000. USD per BTC (data vary depending on the source – bitbo.io gives USD 66,384, other rankings reach USD 75,651). At the current rate of approximately $62,900, the company is sitting on an unrealized loss of several billion dollars. Just holding BTC does not make this loss real. But each round of dividends at a low rate costs more coins: this is what you see between May and July.
At the same time, the company maintains USD 2.55 billion in cash – a buffer that, given its current liabilities, should be enough for several quarters without the need to further sell BTC. Should.
July 5 paradox: purchase post, sale announcement
The day before the announcement, Saylor published his “orange-dot chart” on X – a chart with 847,000. BTC marked with orange dots and the caption “Bitcoin is Digital Energy”. The post collected 910,000. views in 24 hours. The market read it the same way as with previous such posts: an announcement of a new purchase by the SEC filing on Monday.
Instead of a purchase announcement, there was information about a sale. The paradox is intentional. Strategy sells BTC for dividends and at the same time accumulates cash from the issuance of shares for new BTC purchases. Both processes run in parallel. The cycle works efficiently with increasing rates. When stagnation or declines occur, each round pumps more coins out of the wallet.
What does this mean for you
BTC lost slightly after the announcement of the sale – CoinDesk described it as “bitcoin slips after Strategy sells”. This is a temporary effect: 3,588 BTC is less than 0.02% of the circulating BTC supply and the market quickly priced it in.
The bigger problem is structural. JPMorgan warned in June that Strategy’s new policy introduced “two-way risks” to the market. For several years, the company was a one-sided buyer: each purchase announcement boosted sentiment. Now he is a buyer and a seller, and the direction of the trade depends on the BTC price and dividend schedule.
I believe that the key question is how many dividends Strategy has to pay in the following quarters and at what BTC rate it can cover them without escalating sales. This is something the company does not publicly disclose in a simple way. It is worth following this, because each subsequent price low increases the pressure for the next round. June and July show how quickly “two basis points” can turn into $216 million.
