Strategy (formerly MicroStrategy) sold 3,588 BTC for $216 million on July 6, 2026, marking the second such sale under a newly adopted Digital Credit Capital Framework. The proceeds were used to fund scheduled dividend payments on four series of preferred stock, according to an 8-K filing with the SEC. Executive Chairman Michael Saylor confirmed the transaction on X, noting the company still holds 843,775 BTC and $2.55 billion in cash reserves.
The sale represents only about 0.42% of Strategy's total Bitcoin holdings and is the smallest of the four permitted uses under the framework. The company emphasized that Bitcoin accumulation remains its primary posture, but the sale nonetheless signals a major philosophical shift from the "never sell" principle that had defined its strategy for years.
The Digital Credit Capital Framework, approved in late June, gives the board pre-approved authority to sell Bitcoin under three narrow conditions: funding dividends on Digital Credit securities, retiring senior debt if refinancing markets close, and opportunistic buybacks of the company's own securities when they trade at a discount. The intention is to enable disciplined, conditional capital management without obligation, with every sale still requiring board approval.
This latest sale covered four specific dividend obligations: STRC's monthly dividend for June, and quarterly dividends for STRF, STRE, and STRD. Critics pointed out that the very need to sell Bitcoin stemmed from the company's own capital-raising model—issuing new preferred stock to buy more BTC, which in turn creates growing fixed obligations. If Bitcoin's price stagnates or falls, the need to sell more BTC or issue dilutive stock could increase, raising questions about the long-term sustainability and accretiveness of the accumulation strategy.
