Strategy Sells More Bitcoin at a Loss, Shifts Focus to Funding Dividend Payments
Strategy, the company led by Michael Saylor, has not purchased any Bitcoin in six weeks and has continued to sell its holdings at a loss. In its latest disclosure, Strategy sold 1,638 BTC for approximately $105 million last week, marking the firm's third discrete Bitcoin disposal of 2026.
The sale price averaged around $64,000 per BTC, significantly below Strategy's overall average acquisition cost of $75,419. With a total of 842,138 BTC on its balance sheet at a cost of $63.51 billion, Strategy is sitting on a paper loss of approximately $10.9 billion.
The company's shift in strategy has been driven by the need to fund dividend payments and debt service. Strategy finances its Bitcoin treasury through a stack of debt instruments and preferred-stock obligations, including STRC, STRK, STRD, STRF, and STRE.
Michael Saylor emphasized that 'Never Sell Your Bitcoin' is no longer relevant for his company. The Digital Credit Capital Framework introduced in late June 2026 formalizes the shift towards treating Bitcoin as a funding source rather than an untouchable reserve.