The largest corporate Bitcoin holder, Strategy, has once again caught the market's attention by reducing its cryptocurrency reserve by 3,588 BTC. Between June 30 and July 6, this operation brought the company approximately $226 million. As of now, the firm manages 843,775 BTC, equivalent to $52.2 billion.
The official reason for the sale is the need to pay quarterly dividends on preferred shares of classes STRF, STRE, STRK, and STRD, as well as the full monthly dividend for June on STRC securities. This is the company's first such large-scale move to liquidate its Bitcoin reserves, inevitably sparking a wave of discussion in the professional community.
Market Reaction: Stocks and Bitcoin Under Pressure
The news of the sale immediately pressured Strategy's own stock prices. In pre-market trading, the company's shares fell nearly 2% to $98.91. Since the start of the year, the market capitalization of the securities has decreased by 33.6%, reflecting growing investor nervousness about the company's financing model.
Bitcoin also reacted with a 1% correction, dropping from a local high of $63,800 to $62,000. Although this movement appears moderate, it underscores the market's sensitivity to the actions of major players.
Context: From Accumulation to Realization
As early as the beginning of May 2026, Strategy's management first hinted at the possibility of selling Bitcoin, citing a new liquidity management program. Company founder Michael Saylor noted at the time that such a step might be necessary amid a quarterly loss of $12.7 billion and increasing pressure on the capital structure.
In June, the company already conducted a trial sale of 32 BTC for about $2.5 million — the first in four years. Now, the volume of sales has increased hundreds of times, indicating a systemic change in strategy.
Experts at Grayscale have already called these actions a "stress test" for the company, warning that even small sales could undermine confidence in the sustainability of Strategy's model. JPMorgan analysts went further, stating that launching the mechanism for realizing the crypto reserve created a "two-sided risk for the market that could have been avoided." CryptoQuant urged the company to completely halt aggressive Bitcoin purchases and focus on restoring its dollar reserve, warning that an attempt to quickly replenish the treasury by selling cryptocurrency would ultimately "kill" shareholder value.
My professional opinion: we are witnessing a historic moment. Strategy, which for years was a symbol of relentless Bitcoin accumulation, is now forced to balance between debt obligations and crypto assets. This is not just a technical portfolio adjustment — it is a sign that even the most convinced "bulls" are not immune to the pressure of macroeconomic reality. The market will now closely watch every subsequent move by the company, as it sets a precedent for all corporate treasuries.