MSTR
The new rule: sometimes you sell the Bitcoin
Strategy’s July 6 filing says the company sold 3,588 bitcoin in two tranches for roughly $216 million, marking its biggest BTC disposal ever and its first major sale since 2022. The coins went out at an average price of about $60,773, which is a little awkward when you remember Strategy’s average cost basis is around $75,476 per coin.
Why this matters more than the headline size
On paper, the sale was tiny — about 0.4% of its holdings. In real life, it’s a pretty loud message. Strategy used the proceeds to help fund dividends on four preferred series — STRF, STRE, STRK, and STRD — plus the semi-monthly dividend on STRC. Translation: the bitcoin pile is no longer just a trophy case; it’s also a checking account.
Bull case, bear case, and the awkward middle
The bullish read is that Strategy still held 843,775 bitcoin and $2.55 billion in cash after the sale, so this is not a “call the fire department” moment. The bearish read is more behavioral: if the company is willing to sell BTC below cost to cover obligations, then the old “never sell” playbook is officially dead.
Big picture
For MSTR holders, the key thing to watch isn’t just bitcoin’s price anymore. It’s the preferred dividend run-rate, the cash balance, and whether Strategy can keep tapping equity markets without turning its treasury into a revolving door.