Strategy sold 3,588 Bitcoin for $216 million to fund dividend payments, holdings drop to 843,775 BTC

Strategy, led by Michael Saylor, has sold 3,588 Bitcoin to finance dividend payments and bolster its cash reserves. According to a Form 8-K filing with the US Securities and Exchange Commission, the company generated $216 million in proceeds from these sales. As a result, Strategy’s total Bitcoin holdings have declined to 843,775 BTC.

Scope of the sale and reserve status

The company sold 1,363 BTC at an average price of $59,256 between Monday and Tuesday last week, and an additional 2,225 BTC at an average price of $60,773 from Wednesday to Sunday. When adding the 32 BTC transaction reported at the start of June, this marks one of the company’s rare Bitcoin sales since a tax-related liquidation in 2022.

In another Form 8-K dated June 29, Strategy outlined a capital framework allowing it to use Bitcoin sales to fund dividends. The same filing announced that the annual dividend yield for its STRC preferred shares had been increased to 12%, and that its US dollar reserves had reached $2.55 billion. The latest disclosure indicates that this level of dollar reserves remains unchanged.

Mini glossary: STRC is Strategy’s perpetual preferred share vehicle, designed to offer investors consistent dividends. If the price of these shares drops below their target par value, it may hinder the company’s ability to raise fresh capital.

According to Yahoo Finance data, STRC traded at $88.70 in Monday’s pre-market session, which is 11.3% below its target par value of $100. STRC’s trading below par may limit Strategy’s ability to raise new funds through this instrument, potentially increasing pressure on dividend yield to maintain investor interest.

Bernstein’s analysis

Prior to Strategy’s recent sale announcement, Bernstein suggested that the likelihood of the company facing forced Bitcoin sales was minimal. Their analysis was based on the company’s liquidity structure and its ability to cover dividend and interest payments with existing cash reserves.

Bernstein estimates that Strategy’s cash position provides approximately 17 months of coverage for dividend and interest obligations. The firm also highlighted that Strategy remains a net buyer of Bitcoin, functioning as a counterbalance in a market where major US miners have shifted investments toward artificial intelligence projects, resulting in sales pressure.

The same assessment pointed to $5.5 billion in outflows from spot Bitcoin ETFs throughout 2026. Bernstein noted that Strategy’s accumulation policy offers significant support to the market in this context.

Bernstein also calculated that Strategy’s debt obligations equal just 13% of its Bitcoin collateral value. The company’s next major principal payment—approximately $1 billion—is not due until the third quarter of 2028. The firm maintains a year-end Bitcoin price target of $150,000 and expresses continued optimism for long-term trends.

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