The market has received official confirmation of the scale of the operation: Strategy (formerly MicroStrategy) reduced its bitcoin reserves by 3,588 BTC over the past seven days. This figure is more than seven times higher than analysts' initial estimates, which suggested a sale of around 491 coins based on on-chain data.
Transaction Details: Where Did the 3,588 BTC Come From?
According to public data, the asset write-off occurred in two stages: on June 30, the balance decreased by 1,363 BTC, and on July 6, by another 2,225 BTC. CEO Michael Saylor confirmed that the proceeds (approximately $216 million) were used to pay dividends on Digital Credit instruments. This is the company's largest bitcoin sale since the 2022 tax deal.
Why Did the Market Get Its Estimates Wrong?
The initial version of a 491 BTC sale was based on tracking a single blockchain transfer. However, the actual volume turned out to be significantly higher, confirming that on-chain analytics without cross-referencing with corporate reports can be misleading. After the official data was published, the price of bitcoin corrected below $62,000, and at the time of writing, the asset is trading around $61,950.
Is the Strategy Changing?
Despite the sale, Strategy still holds 843,775 BTC and $2.55 billion in dollar reserves, remaining the largest corporate bitcoin holder in the world. This transaction marks an important shift: the company conducted its first major operational sale since the beginning of 2026 (previously, it had only disposed of 32 BTC for similar purposes).
In my view, this is not an abandonment of the long-term accumulation strategy, but a pragmatic step to monetize a small portion of reserves to maintain corporate liquidity. Strategy is demonstrating flexibility without sacrificing its status as a "bitcoin treasury." However, the market will be closely watching whether such sales become regular.