Strategy Breaks 'Never Sell' Stance with Limited Bitcoin Sales Authorization
Strategy Bitcoin, a company known for its 'never sell' policy since 2020, has made headlines recently due to its authorization of limited sales. This move marks a shift from pure accumulation to managing capital structure.
The formal launch of the digital credit capital framework in June 2026 allowed Strategy to authorize limited sales, which is a pragmatic approach to managing its large corporate holdings, now the largest globally.
According to Michael Saylor, the company establishes dollar reserves and buyback flexibility through authorized sales. This enables them to support preferred stock dividends and stock buybacks while maintaining a net buying direction.
The strategy of 'buying primarily, selling secondarily' is driven by the need to maintain capital market financing capabilities and credit ratings.