The largest bitcoin treasury fund, Strategy, reduced its cryptocurrency reserves by 3,588 BTC, equivalent to approximately $226 million, between June 30 and July 6, 2026. After this operation, the company manages 843,775 BTC, valued at $52.2 billion at the current exchange rate.
The sale was carried out as part of quarterly dividend payments on four classes of preferred securities — STRF, STRE, STRK, and STRD, as well as the full monthly dividend for June on the STRC instrument. This is the first significant bitcoin sale by Strategy in recent years, signaling a shift in liquidity management priorities.
Market Reaction
The news immediately impacted stock prices. Strategy's shares fell nearly 2% in pre-market trading to $98.91. Since the start of 2026, the company's market capitalization has dropped by 33.6%, increasing pressure on Michael Saylor's team. Bitcoin also corrected: after a local high of $63,800, the price fell by 1% to $62,000.
Context and Analysis
In early May 2026, Strategy's management first hinted at the possibility of selling bitcoins amid a quarterly loss of $12.7 billion. Michael Saylor emphasized that this was a forced measure to stabilize the capital structure. In June, the company had already sold 32 BTC for about $2.5 million — the first such move in four years.
Grayscale experts called this deal a "stress test" for Strategy's model, warning that even small sales undermine confidence in the business's sustainability. JPMorgan analysts added that the launch of the crypto reserve realization mechanism created a "two-sided risk for the market that could have been avoided." CryptoQuant urged the company to halt aggressive bitcoin purchases and restore its dollar reserve, otherwise an attempt to quickly replenish liquidity could "kill" shareholder value.
My expert opinion: The sale of 3,588 BTC is not just a technical maneuver but a worrying signal. Strategy has long positioned itself as a "perpetual buyer" of bitcoin, and any deviation from this strategy undermines its fundamental appeal. If pressure on the capital structure continues, we may see larger-scale sell-offs, which would become a negative catalyst for the entire market.