The largest corporate bitcoin holder, Strategy, has once again reduced its cryptocurrency reserve. Between June 30 and July 6, it sold 3,588 BTC worth approximately $226 million. This is no longer an isolated incident but part of a new liquidity management strategy that management announced back in May.
At the time of writing this analysis, the company retains 843,775 BTC, equivalent to roughly $52.2 billion. The sale was aimed at paying quarterly dividends on four classes of preferred securities — STRF, STRE, STRK, and STRD — as well as the full monthly dividend for June on STRC.
Market Reaction: Stocks Under Pressure, Bitcoin Corrects
The news did not go unnoticed by the stock market. In pre-market trading, Strategy's shares fell nearly 2% to $98.91. Since the beginning of the year, the company's market capitalization has dropped by 33.6%, signaling growing investor skepticism. Bitcoin also reacted with a 1% correction, moving from a local high of $63,800 to $62,000.
This is a natural reaction. The market is beginning to realize that Strategy's model, based on endless BTC accumulation through stock issuance, no longer works as before. Each sale — even a small one — undermines confidence in the sustainability of this strategy.
Context and Expert Opinions
Recall that in May 2026, company founder Michael Saylor first allowed for the sale of bitcoin amid a quarterly loss of $12.7 billion. In June, the company sold 32 BTC for $2.5 million — its first sale in four years. Now, the sales volume has increased by an order of magnitude.
Experts from Grayscale called these transactions a "stress test" for Strategy. They rightly note that even minimal sales worsen the perception of the model and cast doubt on the company's ability to accumulate the first cryptocurrency in the future. JPMorgan analysts went further, stating that the launch of the crypto reserve realization mechanism created a "two-sided risk for the market that could have been avoided." Ripple CEO Brad Garlinghouse even called Strategy's model harmful to the market, financing purchases through preferred shares.
The position of CryptoQuant deserves special attention. Head of Research Julio Moreno urged the company to pause aggressive purchases and restore its dollar reserve. In his view, trying to quickly restore liquidity by selling bitcoin will ultimately "kill" shareholder value. And it's hard to disagree with that.
My view: Strategy has found itself trapped by its own strategy. Selling bitcoin to pay dividends is a temporary solution that does not address fundamental problems. If pressure on the capital structure persists, the company will either have to radically rethink its model or seek external financing. For the market, this is a signal: even the most ardent bulls may be forced to lock in profits when debts become unsustainable.