Saylor Unlocks the Vending Machine: Strategy Cashes Out 3,588 $BTC for a Cool $216M 🍕

Strategy, the largest corporate holder of Bitcoin, sold 3,588 $BTC for approximately $216 million between June 29 and July 5, 2026, according to a Monday 8-K filing with the U.S. Securities and Exchange Commission. The Michael Saylor-led firm used the proceeds to fund dividends on its Digital Credit securities, including its STRC perpetual preferred stock, and to maintain its U.S. dollar reserve at $2.55 billion as of July 5.

The sale marked the first execution of the company's new Digital Credit Capital Framework, introduced in its June 29 8-K filing. Strategy sold 1,363 $BTC at an average price of $59,256 between June 29 and June 30, and 2,225 $BTC at an average price of $60,773 between July 1 and July 5. Executive Chairman Michael Saylor confirmed the transactions on X, writing that Strategy had sold the 3,588 $BTC "to fund dividends on our Digital Credit securities" and that the company held ₿843,775 in its BTC reserves as of July 5.

Following the sale, Strategy's Bitcoin stack stands at 843,775 $BTC, carried at a cost basis of $63.7 billion, or roughly $75,476 per coin. With Bitcoin trading near $60,000, the company recorded an $8.32 billion loss on its digital assets for the second quarter, nearly all of it unrealized. The new framework allows Strategy to raise up to $1.25 billion through Bitcoin sales to support dividend payments, interest expenses, and repurchases of preferred securities and Class A common stock, while $2 billion in stock buybacks were also authorized. The company hiked the annual dividend rate on its STRC preferred to 12% as part of the plan.

The framework also established that the program does not obligate the company to sell Bitcoin and is intended to preserve long-term exposure to the asset. Prior to the sale, Strategy disclosed on June 29 that it had made no $BTC purchases during the week ended June 28 and still held 847,363 $BTC, compared with 847,363 $BTC reported one week earlier after a 520 $BTC purchase at an average price of $67,068. On Sunday, Saylor described Bitcoin as "Digital Energy" in a post accompanying a chart of recent purchases, and on Monday he predicted that changes in Bitcoin's codebase would be less consequential than the deepening of digital capital markets and credit.

STRC traded at $88.70 in Monday pre-market trading, or 11.3% below its $100 intended par value, per Yahoo Finance data. Bernstein, in a separate note issued before the disclosure, said Strategy had 17 months of cash to cover dividend obligations and interest payments and was unlikely to face forced Bitcoin sales. The firm noted that Strategy's debt liabilities represented roughly 13% of its Bitcoin collateral value, with the next principal payment of about $1 billion due in the third quarter of 2028, and reiterated its $150,000 year-end $BTC price target.