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Strategy Bitcoin policy unravels

Strategy is abandoning its 'never sell' Bitcoin posture, selling BTC to fund dividends and rebuild cash reserves while its preferred stock, share price, and accumulation model face mounting stress.

20 entriesMon, Jun 15 – Tue, Aug 25Bitcoin

Timeline

  1. Tue, Aug 25LatestVerified · 25 Aug 2026

    Strategy Builds $6.69B Cash Reserve

    Strategy raised approximately $2 billion through MSTR common-share sales and established a new "USD Cash" pool of about $1.59 billion, per its filing, bringing total USD reserves to roughly $6.69 billion — enough to cover about 47 months of dividends and debt interest, per coverage. Its 840,447 BTC was unchanged for a second week. The filing says the new pool can address dislocations in the markets for bitcoin or Strategy's securities.

  2. Sat, Aug 22Verified · 22 Aug 2026

    Strategy Back in the Black — By 2%

    Bitcoin's rally above Strategy's average acquisition price of roughly $75,385 moved its 840,447-BTC position from a previously reported $13 billion unrealized loss to an unrealized gain outlets put at $1.4–2 billion, depending on the price at the time of writing. MSTR shares rose about 32% over three days, and its STRC preferred hit a two-month high, approaching the $100 par level Saylor targeted for September, per The Block.

  3. Tue, Aug 18Verified · 18 Aug 2026

    Strategy Sells $334M of Shares — and, for a Change, No Bitcoin

    Strategy's Monday filing disclosed no bitcoin purchases or sales for the week to August 16 — holdings steady at 840,447 BTC — while it sold about $333.7 million of MSTR shares, paying $52.4 million in STRC dividends, repurchasing $132.2 million of the preferred, and lifting its dollar reserve to $4.8 billion. Separately, MSCI's index consultation showed a simulation deleting Strategy and Metaplanet from the MSCI ACWI IMI, with SharpLink placed on a watchlist.

  4. Tue, Aug 11Verified · 11 Aug 2026

    Strategy Sells 1,690 More Bitcoin and $653M of Shares as STRC Climbs Within $5 of Its Target

    Strategy disclosed selling 1,690 BTC for roughly $108 million — again below its average cost — alongside raising about $653 million from MSTR share sales, lifting its dollar reserve to $4.75 billion and funding a further $109 million of STRC buybacks, per CoinDesk. The preferred now trades within about $5 of the $100 target Saylor set for September; bitcoin purchases remain paused since June. CEO Phong Le called the bitcoin sales "irrelevant" to market pricing, saying "Bitcoin alone fails to meet investor demands."

  5. Tue, Aug 4Verified · 4 Aug 2026

    Strategy Sells 1,638 BTC Below Cost to Fund Dividends and STRC Buybacks as Its Dollar Reserve Hits $4B

    Strategy sold 1,638 BTC for about $105 million last week — roughly $64,000 a coin against an average cost near $75,400, its coins going out below what it paid — alongside some $290 million raised selling MSTR shares. It repurchased $81.2 million of STRC preferred, still trading near $89 against its $100 target, and lifted its dollar reserve to $4 billion, extending a buying pause past five weeks. Saylor separately said he has never sold his personal bitcoin, calling the company's sales "capital management."

  6. Sat, Aug 1Verified · 1 Aug 2026

    Strategy's $8B Loss, First BTC Sales

    Strategy reported an $8.22 billion Q2 loss, almost entirely an unrealized markdown on its 843,775 BTC as bitcoin fell below the company's average cost. It confirmed its first bitcoin sales in four years — about $218 million year-to-date under a new monetization program funding preferred-stock dividends — while pausing purchases to build a $3.75 billion reserve covering roughly two years of obligations. Saylor targets September for the STRC preferred, which fell as low as $74.57 against $100, to recover before issuance restarts.

  7. Sun, Jul 26Unverified — not yet reviewed

    Strategy Unveils $1.25 Billion Bitcoin Acquisition Plan as MSTR Shares Jump 27%

    Strategy announced a $1.25 billion Bitcoin acquisition plan, with MSTR shares rising 27% on the news. Separate reporting examined Strategy's resistance threshold to a prolonged Bitcoin price decline.

  8. Sat, Jul 25Unverified — not yet reviewed

    Strategy Publishes Bitcoin Floor Return Metric and $54.88 Billion Holdings Dashboard

    Strategy published the minimum Bitcoin annual return threshold below which the company may need to restructure, providing a quantified leverage risk floor for institutional observers. The company simultaneously unveiled a $54.88 billion Bitcoin holdings transparency dashboard and overhauled its reporting metrics to include a 'Net Bitcoin Per Share' figure. MicroStrategy separately disclosed that Bitcoin needs only approximately 3.3% annual appreciation to fund dividends indefinitely, per its own calculation.

  9. Thu, Jul 16Unverified — not yet reviewed

    Strategy CEO Outlines BTC Debt Risk Threshold, Signals Resumption of Purchases When STRC Hits $100 Par

    Strategy's CEO stated the company's debt structures only present concerns if Bitcoin falls below $10,000 and confirmed the company remains a committed Bitcoin buyer. He separately indicated Bitcoin purchases will resume once the STRC preferred stock reaches its $100 par value. The CEO also addressed equity volatility concerns and signaled a conditional willingness to sell Bitcoin if required.

  10. Tue, Jul 14Unverified — not yet reviewed

    Strategy Raises $467 Million Through MSTR Share Sales, Goes Third Consecutive Week Without Buying Bitcoin

    Strategy sold $466–$467 million in MSTR stock through share offerings, leaving its Bitcoin holdings unchanged for a third consecutive week and building a cash reserve reported at approximately $3 billion. MSTR's stock price fell approximately 4.5% during the period, while analysts described the accumulation pause as reflecting greater balance-sheet discipline. Strategy separately raised 76 billion yen in Japan with an explicit statement that the proceeds would not be used to purchase Bitcoin.

  11. Thu, Jul 9Unverified — not yet reviewed

    Saylor Pitches to Middle East

    Michael Saylor presented a Bitcoin-funded dividend framework to a Middle Eastern audience, describing a model in which BTC holdings generate shareholder returns. Alongside the pitch, Saylor disclosed a $1.25 billion BTC sale authorization, adding a concrete new figure to Strategy's previously announced Digital Credit Capital Framework.

  12. Wed, Jul 8Unverified — not yet reviewed

    Strategy Bitcoin Accumulation Capacity Analyzed; Mizuho Cuts Price Target to $213 With 110% Upside; VanEck Clarifies $135M BTC Sale Did Not Use Program Quota

    Mizuho Financial Group cut its Strategy price target to $213 while projecting 110% upside from current levels. A VanEck executive separately clarified that Strategy's $135 million Bitcoin sale last week did not draw against the company's approved BTC monetization program quota, and analysis examined the remaining capacity for future BTC purchases under the Digital Credit Capital Framework.

  13. Tue, Jul 7Unverified — not yet reviewed

    Strategy Sells BTC, Eyes Bigger Buy

    Strategy sold 3,588 BTC for approximately $216 million, its largest single sale to date, following the introduction of its Digital Credit Capital Framework that ended the company's longstanding no-sell policy. Michael Saylor separately signaled a tactical nature to the sale with hints at a larger follow-on purchase, while Grayscale stated the sales should restore confidence in Strategy's financing structure and Jiang Zhuoer warned the full board-approved 20,000 BTC may ultimately be disposed of. Bitcoin's price fell up to 4% on the announcement before rebounding to $63,800, with the sale executed via OTC trades.

  14. Mon, Jul 6Unverified — not yet reviewed

    Saylor Tracker Signals Possible BTC Buy

    Michael Saylor released a new Bitcoin Tracker update and a separate statement on July 6, both of which historically have preceded confirmed Strategy BTC purchases. Saylor also stated publicly that Bitcoin's four-year cycle is losing its controlling influence on price. No confirmed purchase figures were disclosed in the releases.

  15. Tue, Jun 30Unverified — not yet reviewed

    Strategy Authorizes Up to $1.25B BTC Sale, Announces $2B Buyback and New Capital Framework

    Strategy authorized the sale of up to $1.25 billion in Bitcoin and announced a $2 billion share repurchase program as part of a new capital framework. The company's MSTR and STRC shares closed up over 12% on the day the framework was disclosed. Strategy ended a nine-day losing streak following the announcement, with its market-to-NAV ratio having previously fallen below 1 and unrealized Bitcoin losses exceeding $13 billion.

  16. Fri, Jun 26Unverified — not yet reviewed

    MSTR Hits 16-Month Low on BTC Losses

    Strategy's STRC preferred stock fell 26% below par and MSTR shares reached a 16-month low at $85, with the company's Bitcoin holdings showing unrealized losses exceeding $13 billion. A securities lawsuit was filed against Strategy, and a company director sold shares at the record-low price. Arkham clarified that Strategy is not legally required to prioritize STRC dividends, removing the risk of mandatory BTC liquidation, while the company's cash runway for dividend payments was estimated at approximately 10 months.

  17. Thu, Jun 25Unverified — not yet reviewed

    Strategy Hits Two-Year Low on BTC Losses

    Strategy shares fell below $100 for the first time since March 2024, reaching a two-year low, as the company's Bitcoin holdings showed an unrealized loss of $12.6 billion. Analysts at CryptoQuant and Benchmark called on Strategy to pause Bitcoin purchases and rebuild cash reserves, with critics describing STRC preferred shareholders as functioning as a cash backstop subject to dilution. STRC hit a new low as analysts debated the structural sustainability of Strategy's capital model.

  18. Mon, Jun 22Unverified — not yet reviewed

    Strategy Accumulates 716,000+ BTC Since 2022; STRC Preferred Stock Under Pressure

    Michael Saylor disclosed that Strategy has accumulated more than 716,000 BTC since a 2022 balance sheet stress event, with current total holdings of 846,842 BTC valued at approximately $54.3 billion and an unrealized loss of $9.7 billion. Saylor posted cryptic hints on social media signaling another Bitcoin purchase, with analysts separately describing Strategy as having shifted from a Bitcoin leverage tool to a complex capital structure risk asset. Strategy's STRC preferred stock continued to face pressure in the context of the compressed funding channel previously reported.

  19. Thu, Jun 18Unverified — not yet reviewed

    Strategy Bitcoin Reserves Cover 32 Years of Dividends; Preferred Stock Hits Record Low

    Strategy confirmed its Bitcoin reserves are sufficient to cover 32 years of dividend payments, with CEO Michael Saylor stating the company will continue to sell Bitcoin to pay dividends while denying any margin call risk. Strategy's STRC preferred stock fell to a record low below par at approximately $85, with critics describing the instrument as junk credit and retail investors holding approximately $8.8 billion of the product. Strategy's market capitalization declined to approximately $40 billion, dropping it out of the top 250 US companies.

  20. Mon, Jun 15Unverified — not yet reviewed

    Strategy Adds 1,587 BTC for $100M; Total Holdings Reach 846,842 BTC

    Strategy (formerly MicroStrategy) purchased an additional 1,587 Bitcoin for approximately $100 million at an average price of $63,024, bringing its total Bitcoin holdings to 846,842 BTC. Michael Saylor had previously signaled a fresh acquisition was imminent.