The market received an unexpected confirmation: Strategy (formerly MicroStrategy) sold 3,588 BTC over the past week, nearly seven times the initial analyst estimates. Initially, on-chain data showed a transaction of 491 BTC, which sparked speculation about a possible shift in the famous "buy and hold" strategy.
An official explanation from Executive Chairman Michael Saylor set the record straight. The company confirmed that the sale of 3,588 bitcoins generated approximately $216 million. These funds were used to pay dividends on Digital Credit securities. This deal became the largest BTC sale by Strategy since the 2022 tax optimization.
Transaction Details and Current Reserves
The reduction in bitcoin holdings occurred in two stages: 1,363 BTC were sold on June 30, and another 2,225 BTC on July 6. Thus, the total decrease amounted to 3,588 coins. Despite this operation, Strategy still holds the largest corporate reserve among public companies — 843,775 BTC. Additionally, the firm retains $2.55 billion in dollar reserves on its balance sheet, underscoring the enormous scale of its financial cushion.
Why This Deal Matters for the Market
Although the sold volume represents less than 0.5% of the company's total portfolio, this is the first such large-scale bitcoin sale for operational purposes. Earlier this year, Strategy sold only 32 BTC for similar payments. This move demonstrates the company's willingness to selectively monetize its reserves without abandoning its long-term accumulation strategy. It signals to the market that even the most ardent "bull" can be flexible in capital management.
Expert opinion: The sale of 3,588 BTC is not a strategy reversal, but an evolution. The company has found a way to use its asset to finance obligations without undermining the core investment thesis. Now, the key question for investors is the frequency of such operations. If Strategy begins regularly selling bitcoin to cover dividends, it could create local market pressure, but it is unlikely to change the global narrative of corporate BTC accumulation.