Strategy Breaks 'Never Sell' Bitcoin Pledge, Then Buys More
Strategy (formerly MicroStrategy) sold 32 Bitcoin for $2.5 million on June 1, 2026—its first sale since 2022—to fund preferred stock dividends, breaking its long-standing 'never sell' pledge. The sale triggered a Bitcoin price drop below $60,000 and a 6% stock decline. However, between June 1-7, the company repurchased 1,550 BTC for $101 million, funded by equity sales, increasing its total holdings to 845,256 BTC. The net effect added 1,518 BTC, calming fears of a strategic shift.
Editorial responsibility
- No named human review is recorded for this page.
- Reports are grouped by semantic similarity and deterministic rules. Language models may assist titles, summaries, translation and cross-source analysis; the page itself is projected from evidence records.
- Current automated evidence projection
Cross-source coverage
Wire timeline
Strategy Halts Bitcoin Purchases for Five Weeks, Signals Possible Bitcoin Sales to Fund Buybacks
Strategy (NASDAQ: MSTR), the largest corporate holder of Bitcoin, has not purchased any Bitcoin for five weeks, marking its longest pause in nearly two years. Instead, the company spent $25 million buying back its preferred stock (STRC) below its stated value, a move CEO Phong Le called an attractive allocation of capital. The company also raised $525 million from common stock sales, boosting its dollar reserve to a record $3.75 billion. Crucially, Strategy announced that future buybacks may be funded by selling MSTR shares and, depending on market conditions, by selling Bitcoin—reversing its long-held 'never sell' stance. The company still holds 843,775 Bitcoin, purchased for $63.68 billion but now worth approximately $53.9 billion, leaving it roughly $9.8 billion underwater. The pause and potential Bitcoin sales raise questions about whether Bitcoin is losing its biggest corporate buyer.
MicroStrategy Director Sells Shares Ahead of July 30 Earnings
On July 29, 2026, Yahoo Finance reported that Strategy (formerly MicroStrategy) director Jarrod Patten sold 1,250 MSTR shares worth $125,000 on July 22, ahead of the company's Q2 2026 earnings report on July 30. The sale followed the exercise of a director stock option. The company, led by Michael Saylor, made no Bitcoin purchases or sales for the fifth consecutive week, as revealed in an SEC 8-K filing on July 27. Strategy holds 843,775 Bitcoin on its balance sheet, making it the world's largest Bitcoin treasury company, though it carries a paper loss of billions. During July 20-26, Strategy also sold MSTR shares worth $544.5 million, bought back SRTC shares worth $25 million, and raised its U.S. dollar reserve to $3.75 billion. MSTR stock was trading at $96.26, down about 2.50% at the time of writing.
Strategy Stock Rises After Company Boosts Dollar Reserve to $3.75 Billion
Shares of Strategy, the bitcoin-accumulation firm founded by Michael Saylor, rose 7.6% on Monday after the company announced it had increased its U.S. dollar reserve to $3.75 billion. The company disclosed it sold $544.5 million worth of common shares over the past week, while making no bitcoin sales or purchases. Additionally, Strategy bought back $25 million worth of its largest dividend-paying preferred stock, Stretch. Despite the daily gain, Strategy's stock remains down 35% for the year. The move signals a strategic buildup of cash reserves amid a volatile market for bitcoin and tech stocks.
Show 17 older updatesHide older updates
Strategy Boosts Cash Reserves to $3.75 Billion, Leaves Bitcoin Holdings Unchanged
Cryptocurrency treasury firm Strategy (NASDAQ: MSTR), led by Chairman Michael Saylor, raised its cash reserves to $3.75 billion after selling over 5.4 million shares of common stock for $544.5 million. The company used $25 million to buy back 288,930 shares of its high-yielding preferred stock. Strategy made no changes to its Bitcoin holdings, which remain at 843,775 coins. The cash reserve is sufficient for 2.1 years of preferred stock dividend coverage. MSTR stock has declined 77% over the past 12 months to $91.67 per share, while Bitcoin is trading at $64,955 as of July 27, 2026.
Strategy Again Boosts Cash Reserves and Leaves Bitcoin Unchanged
Cryptocurrency treasury firm Strategy (NASDAQ: MSTR), led by Chairman Michael Saylor, has raised its cash reserves to $3.75 billion after raising an additional $544.5 million through the sale of over 5.4 million common shares. The cash is sufficient for 2.1 years of preferred stock dividend coverage. A small portion ($25 million) was used to buy back 288,930 shares of preferred stock. The company made no changes to its Bitcoin holdings, which remain at 843,775 coins. MSTR stock has declined 77% over the last 12 months to $91.67 per share, while Bitcoin is trading at $64,955 as of July 27, 2026.
Strategy Debuts Net Bitcoin Per Share Metric for Common Investors
Strategy Inc. (NASDAQ: MSTR) has introduced a new Bitcoin valuation metric called 'net Bitcoin per share,' designed to show common shareholders the value remaining after deducting senior claims like debt and preferred stock. The company holds 843,775 Bitcoin worth roughly $57 billion, with about $3.2 billion in cash. After subtracting approximately $22.2 billion in senior claims—including $15.5 billion of preferred stock and $6.8 billion of out-of-the-money convertible debt—the net reserve is near $35 billion. Net Bitcoin per share stands at about $95, or 143,000 satoshis, up from $13 at the end of 2020, representing a 43% compound annual growth rate versus Bitcoin's 16%. The company also revised its modified net asset value (mNAV) calculation, now dividing MSTR's share price by net Bitcoin per share, placing the stock near 1.02 times. Executive Chairman Michael Saylor stated that 'Bitcoin Capital Markets require a new financial language.'
Strategy Overhauls Bitcoin Metrics, Debuting 'Net Bitcoin Per Share'
Strategy (formerly MicroStrategy) has overhauled its Bitcoin valuation metrics, introducing 'Net Bitcoin Per Share' to strip out debt and preferred-stock claims. The new metric shows net reserve of about $35 billion after subtracting $22.2 billion in senior claims from its $57 billion Bitcoin pile (843,775 BTC) and $3.2 billion cash. Net Bitcoin per share has risen from $13 in 2020 to $95, a 43% compound annual growth rate versus Bitcoin's 16%. The company also redefined mNAV and introduced new credit gauges including a hurdle rate of 10.8% and flow rate of -11%. The overhaul comes as MSTR stock trades around $93, down from its 2024 peak, ahead of Q2 earnings. This follows a late-June pivot authorizing up to $1.25 billion in Bitcoin sales for cash management, breaking from Michael Saylor's long-held 'never sell' stance.
Strategy Adds $225M to Cash Reserve via MSTR Stock Sale, Bitcoin Holdings Unchanged
Strategy (formerly MicroStrategy) raised $225 million in cash reserves by selling 2.73 million shares of MSTR common stock through an at-the-market offering program between July 13-19, 2026. The funds were added to the company's USD Reserve, which now stands at $3.225 billion, used to pay dividends to preferred shareholders and cover debt obligations. The company did not sell any Bitcoin, maintaining its full 843,775 BTC holdings (approximately 4% of Bitcoin's total supply). This follows a similar $466.7 million stock sale the previous week. Critics like Peter Schiff argue the strategy dilutes common shareholders to protect preferred holders without selling Bitcoin. The company's Bitcoin stash was acquired at an average price of $75,476 per coin, currently showing an unrealized loss of roughly $9.6 billion.
Strategy Stock Rises After Raising $263 Million Without Selling Bitcoin
Strategy (MSTR) stock rose 5% on Monday after the company disclosed it raised $263 million by selling common stock, without buying or selling any bitcoin during the same period. The stock sale provides additional runway to fund dividends without reducing its bitcoin holdings. Strategy's stock has fallen 34% since the start of 2026, pressured by a monthlong bitcoin downturn and growing dividend obligations. Late last month, the firm launched a turnaround plan authorizing the sale of up to $1.25 billion in bitcoin to grow cash reserves or buy back shares, as well as $2 billion in stock buybacks. While Strategy has not sold bitcoin in the past two weeks, it sold 2,225 bitcoin at the beginning of July. The move marks a reversal for the company, which had long promoted a 'never sell your bitcoin' philosophy under executive chair Michael Saylor.
Strategy Turns Net Seller: Sells $216M in Bitcoin for Dividends
Strategy (formerly MicroStrategy) confirmed it sold 3,588 BTC for approximately $216 million over the past week, according to an SEC filing. The sales occurred in two tranches: 1,363 BTC through June 30 and 2,225 BTC between July 1 and July 5 at an average price of $60,773. CEO Michael Saylor framed the sales as routine treasury management to cover dividend obligations on Digital Credit securities and refill fiat reserves, which now stand at over $2.5 billion. The company's Bitcoin holdings fell to 843,775 BTC from a June 22 peak of 847,363. The move follows the June 29 'Digital Credit Capital Framework' authorizing up to $1.25 billion in Bitcoin sales. The article notes that Strategy bought roughly 3,657 BTC in June at an average near $64,600 and sold at a lower average, raising questions about the strategy's effectiveness. Other top news includes Bernstein reaffirming a $150k BTC target for 2026, a $20M BonkDAO governance attack, Tether's plans to bring USDT to Bitcoin, and Ripple achieving full MiCA compliance in Europe.
Strategy Sells 3,558 Bitcoin for $216M to Pay Dividends; Treasury Model Questioned
Strategy (formerly MicroStrategy) disclosed on July 6, 2026, that it sold 3,558 Bitcoin for approximately $216 million between June 29 and July 5 to fund dividend payments on its preferred securities. The sale occurred at an average price of $60,773 per BTC for the July portion, below its aggregate purchase price of $75,476 per coin, marking a loss. The company ended the period with 843,775 BTC and $2.55 billion in dollar reserves. The sale is part of a newly announced BTC Monetization Program allowing up to $1.25 billion in Bitcoin sales. The annual dividend load on Strategy's five preferred instruments is estimated at $1.5 billion, which its software business cannot cover. With MSTR's market premium to Bitcoin holdings compressed, equity issuance has narrowed. The company reported no ATM sales or buybacks during the period. The article highlights a shift from the original treasury model where Bitcoin appreciation would fund capital structure, now consuming Bitcoin at a loss.
Michael Saylor's Strategy Burns Through 17% of Bitcoin Sale Authorization in First Week
Strategy (formerly MicroStrategy) has sold 3,588 Bitcoin for approximately $216 million to fund preferred stock dividends and bolster cash reserves, consuming 17% of its $1.25 billion Bitcoin sale authorization in under a week. This marks a major departure from Michael Saylor's long-standing policy of accumulating Bitcoin without selling. The sales are being used to support dividends on the company's Variable Rate Series A Perpetual Stretch Preferred Stock (STRC), which are paid before common shareholders receive anything. Common shareholders, who bought MSTR for leveraged Bitcoin exposure, now face reduced exposure as the company sells its core asset. MSTR shares have fallen 75% over the past year, and investors now face five compounding risks beyond simple Bitcoin price volatility. The market reacted with Bitcoin falling nearly 3% to around $61,700 following the announcement.
Michael Saylor's New MSTR Playbook Is Already Costing Investors: 17% of Bitcoin Sale Capacity Gone
Strategy (formerly MicroStrategy) has sold 3,588 Bitcoin for approximately $216 million to fund preferred stock dividends and bolster cash reserves, consuming 17% of its $1.25 billion Bitcoin sale authorization in less than a week. This marks a major departure from Michael Saylor's long-standing strategy of accumulating Bitcoin without selling. The company announced last week that selling Bitcoin could support dividends on its Variable Rate Series A Perpetual Stretch Preferred Stock (STRC) and strengthen liquidity. Preferred shareholders now receive dividends before common shareholders, reducing the leveraged Bitcoin exposure that common MSTR investors originally sought. MSTR shares have lost 75% of their value over the past year. The article highlights five compounding risks beyond Bitcoin price volatility, including higher financing costs, growing leverage, and preferred stock obligations. The market reacted negatively, with Bitcoin falling 1.30% and MSTR dropping 3.38%.
Strategy Sells $216 Million Worth of Bitcoin
Strategy (NASDAQ: MSTR), led by Chairman Michael Saylor, has sold $216 million worth of Bitcoin, offloading 3,588 BTC over the past week at an average price of $60,000 per coin. The sales, disclosed in a U.S. regulatory filing, reduce the company's Bitcoin holdings to 843,775 BTC, acquired for $63.69 billion at an average price of $75,476 per Bitcoin. Proceeds will be used to fund dividend payments on its preferred stock (NASDAQ: STRC), which yields 12% bi-monthly, and replenish dollar reserves. As of July 5, Strategy held $2.55 billion in cash. The company recently changed governance to allow more Bitcoin sales for operations. With Bitcoin trading at $61,800, Strategy's holdings are under water. MSTR stock has fallen 75% in the past year to $100.77 per share, amid analyst concerns over dividend sustainability.
Why Strategy, Inc. Plunged in June
Shares of Strategy, Inc. (NASDAQ: MSTR) dropped 45.4% in June 2026, driven by a decline in Bitcoin prices and forced actions by the company. Strategy, a Bitcoin treasury firm led by Michael Saylor, reported its first Bitcoin sales in 41 months to fund preferred stock dividends. Bitcoin fell 18.4% in June alone and 28.5% year-to-date, partly due to investor rotation into AI stocks. To reassure markets, Strategy announced a new liquidity plan including a $3.8 billion reserve, potential Bitcoin sales, a $1.0 billion share repurchase program, and preferred stock repurchases. The article also notes short-sellers may be targeting Bitcoin to force more sales from Strategy. The broader context includes gold’s decline and ongoing macroeconomic uncertainty.
Strategy Announces Major Shake-Up to Bitcoin Plan, Impacting MSTR Stock
Strategy (NASDAQ: MSTR), the Bitcoin treasury company led by Michael Saylor, announced a major strategic shift on June 29, 2026, moving away from its long-held 'never-sell-Bitcoin' posture. The company authorized up to $1.25 billion in Bitcoin sales as part of a new digital credit capital framework. It also established a U.S. dollar reserve equal to at least 12 months of dividend and interest payments, and authorized $1 billion each in common and preferred stock repurchases. The changes come as Bitcoin trades more than 50% below its peak in a prolonged bear market, and MSTR shares have fallen 43% in the first half of 2026, trading at $93.39 as of July 1, down from an all-time high of $473.83 in November 2024. The company aims to grow Bitcoin per share while managing downside risk and maintaining dividend payments on its STRC perpetual preferred equity product. The article frames the shift as an adaptive response to market conditions, though it notes the strategy is unprecedented and faces market skepticism.
Strategy Announces Major Shake-Up to Bitcoin Plan, Authorizes Bitcoin Sales for First Time
On June 29, 2026, Strategy (NASDAQ: MSTR), a Bitcoin treasury company led by Michael Saylor, announced a major strategic shift. The company established a new digital credit capital framework, including a U.S. dollar reserve equal to at least 12 months of dividend and interest expenses, and authorized $1 billion each in common and preferred stock repurchases. Most notably, Strategy moved from its long-standing 'never-sell-Bitcoin' policy to authorizing the sale of up to $1.25 billion of Bitcoin. This change comes amid a severe crypto bear market, with Bitcoin trading over 50% below its peak and MSTR shares down 43% in the first half of 2026. The company is adapting to survive the downturn while maintaining its goal of growing Bitcoin per share and servicing its STRC perpetual preferred equity product. The move allows the company to engage in accretive capital market transactions, buying or selling as market conditions dictate.
FBI Director Kash Patel's Undisclosed Stock Buy in Bitcoin Giant Strategy Is Down 44%
FBI Director Kash Patel made a previously undisclosed investment of between $100,000 and $250,000 in Strategy (formerly MicroStrategy), a Bitcoin treasury firm, on November 21, 2025, when MSTR stock was around $181. The stock has since collapsed over 44% to $100.55, resulting in losses of $44,000 to $110,000. Patel failed to initially disclose the transaction on a required financial disclosure form signed in early December, amending it in late May 2026, claiming the omission was inadvertent. The investment's decline mirrors a broader crypto market downturn, with Bitcoin falling over 41% from $106,000 to $61,933. Strategy's stock has plummeted over 77% from its summer 2025 peak of $442. Analysts at TD Cowen recently slashed their price target for Strategy from $400 to $260, citing ongoing Bitcoin weakness.
FBI Director Kash Patel's Undisclosed Stock Buy in Bitcoin Giant Strategy Is Down 44%
FBI Director Kash Patel's previously undisclosed investment in Strategy (MSTR), the Bitcoin treasury firm founded by Michael Saylor, has lost 44% of its value. According to new government filings, Patel purchased between $100,000 and $250,000 worth of stock on November 21, 2025, when MSTR traded around $181. The stock has since collapsed to $100.55. Patel failed to initially disclose the transaction, amending a required financial disclosure form in late May 2026, claiming the omission was inadvertent. Under federal law, certain government employees must report securities transactions over $1,000 within 45 days. The loss on Patel's stake is estimated between $44,000 and $110,000. The broader crypto downturn, with Bitcoin falling over 41% in the past year, has heavily impacted Strategy's stock, which has dropped over 77% from its 2025 summer high of $442. Analysts recently cut price targets for Strategy from $400 to $260, citing ongoing Bitcoin weakness.
Strategy Announces Major Revamp to Bitcoin Strategy, Including Bitcoin Sales to Fund Initiatives
Strategy (NASDAQ:MSTR), a Bitcoin-treasury company, has announced a significant revamp to its business model as Bitcoin trades below $59,000 and the stock is down 45% this year. The new framework includes five components: a U.S. dollar reserve policy, a revised preferred stock policy, a digital credit securities repurchase program, a common stock repurchase program, and a Bitcoin monetization program. For the first time, the board has authorized selling Bitcoin from its stockpile, up to $1.25 billion, to fund new initiatives. The company will also repurchase up to $1 billion of preferred stock and $1 billion of common stock. CEO Phong Le stated the company is evolving from one-way capital issuance to active capital management. Strategy currently holds about 3% of all Bitcoin in circulation and has $2.55 billion in U.S. dollar reserves.