The world's largest bitcoin treasury, Strategy, has taken a landmark step: from June 30 to July 6, 2026, it reduced its cryptocurrency reserve by 3,588 BTC, equivalent to approximately $226 million. After this operation, the firm retains 843,775 BTC, valued at $52.2 billion at the current exchange rate.
The company's management explained that the sale is related to the need to pay quarterly dividends on four classes of preferred securities — STRF, STRE, STRK, and STRD, as well as the full monthly dividend for June on STRC. This is not a spontaneous decision but part of a pre-announced liquidity management strategy, which became known as early as May.
Market Reaction: Stocks Fall, Bitcoin Corrects
The news did not go unnoticed by investors. In pre-market trading, Strategy (MSTR) shares lost nearly 2%, falling to $98.91. Since the start of 2026, the company's securities have dropped by 33.6% — one of the most severe declines among public bitcoin holders. Bitcoin, in turn, corrected by 1% — from a local high of $63,800 to $62,000.
Significantly, even such a minor sale (less than 0.5% of the total portfolio) caused noticeable movement in the market. This indicates high investor sensitivity to any actions by Strategy, especially after the company sold part of its reserves for the first time in four years in June.
Context: From Aggressive Buying to Forced Selling
Recall that in May 2026, company founder Michael Saylor first acknowledged the possibility of selling bitcoin as part of a new liquidity management program. The reason was a quarterly loss of $12.7 billion and increasing pressure on the capital structure. In June, the company sold 32 BTC for about $2.5 million, which was seen as a test move.
Experts from Grayscale called the current transaction a "stress test" for the Strategy model, warning that even small sales could worsen perceptions of the company's stability. Analysts at JPMorgan 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 pause aggressive bitcoin purchases and restore its dollar reserve, otherwise, in their view, an attempt to quickly restore liquidity would "kill" shareholder value.
My assessment: the sale of 3,588 BTC is not a collapse of the strategy but a forced measure dictated by the financing structure. However, the very fact that the largest bitcoin treasury is forced to sell assets to pay dividends undermines the narrative of an "endless accumulation spiral." The market will now closely watch every next move by Strategy, and any further sales could trigger a deeper correction in both the company's shares and bitcoin itself.