Michael Saylor’s Strategy has sold 3,588 Bitcoin worth approximately $216 million to replenish its capital reserves. The company used the proceeds to fund dividend payments while keeping its $2.55 billion capital reserve intact.
Following the latest sale, Strategy now holds 843,775 Bitcoin. The transactions were carried out in two phases, with 1,363 BTC sold over Monday and Tuesday at an average price of $59,256, followed by 2,225 BTC sold between Wednesday and Sunday at an average price of $60,773.
This move comes a month after Strategy disposed of 32 BTC in early June, its first reported Bitcoin sale since executing a tax-loss transaction in 2022.
Alongside the latest filing, the company reaffirmed the capital strategy it unveiled on June 29, which permits Bitcoin sales to support dividend payments when needed.
At the same time, Strategy increased the annual dividend on its STRC preferred shares to 12% and maintained its US dollar reserve at $2.55 billion, unchanged from the previous disclosure.
Strategy’s Financial Position Remains Solid
Ahead of Strategy’s latest disclosure, analysts at the Bernstein firm said that Strategy was well-positioned financially and was not expected to sell Bitcoin out of necessity, thanks to its strong cash reserves and liquidity.
According to the firm, Strategy has sufficient funds to meet dividend and interest obligations for about 17 months.
Bernstein also noted that the company remains a long-term Bitcoin accumulator, helping offset selling pressure from major US miners that have been trimming their BTC holdings as they expand into AI.
The analysts further highlighted Strategy’s conservative debt profile, with liabilities amounting to only 13% of the value of its Bitcoin portfolio. Its next significant principal repayment, estimated at $1 billion, is scheduled for the third quarter of 2028.
Bernstein left its year-end Bitcoin price forecast unchanged at $150,000, saying it remains confident in the asset’s long-term growth prospects.
Strategy’s Bitcoin sales reflect a long-term funding strategy rather than a temporary move. Its preferred stock offerings require dividend payments in US dollars, with annual obligations estimated at about $1.5 billion.
With equity fundraising becoming less attractive as Strategy’s premium over its Bitcoin holdings has narrowed, the Strategy has turned to its newly launched Bitcoin Monetization Program.
The initiative authorizes up to $1.25 billion in Bitcoin sales to build a cash reserve, leaving enough capacity for several more transactions similar to this week’s sale.
