Strategy did not touch its Bitcoin holdings last week. Instead, it sold 4.8 million MSTR shares. According to an 8-K filing submitted to the SEC on Monday, the company sold 4,818,781 shares between July 6 and July 12, raising $466.7 million.
The proceeds did not go toward purchasing Bitcoin. They were added to the company’s dollar reserve, which increased by $450 million to reach $3 billion.
According to co-founder Michael Saylor, Strategy’s Bitcoin position remained unchanged at 843,775 BTC. At current prices, the holdings are worth approximately $53 billion. The company acquired them at an average price of $75,476 per Bitcoin, bringing its total cost basis to $63.7 billion.
That amount represents around 4% of Bitcoin’s maximum supply of 21 million coins. However, Strategy is currently carrying an unrealized loss of approximately $10.7 billion.
Bitcoin remained relatively stable near $63,000 after the announcement. MSTR shares fell 2.6% in premarket trading. Over the whole of last week, MSTR declined 6.5% and closed Friday at $94.64, while Bitcoin gained 1.7% during the same period.
Saylor’s familiar pattern did not repeat this time
Saylor once again shared a Bitcoin chart on Sunday, writing that “the orange dots tell only part of the story.” In the past, these weekly posts often signaled that a new Bitcoin purchase was coming.
That pattern has changed in recent weeks. On June 28, Saylor said, “We’re going to need more charts.” What followed was not another Bitcoin purchase, but the announcement of a new capital framework.
After his July 5 post, Strategy completed the largest Bitcoin sale in its history. The company sold 3,588 BTC for $216 million.
Gabe Selby of CF Benchmarks said the company’s short-term solvency is not currently in question. The numbers appear to support that view.
Strategy’s annual financing costs equal around 3.4% of the value of its Bitcoin holdings. Its existing cash reserve can cover those costs for 17.4 months. When the company’s authorized reserve-expansion capacity is included, that period rises to 25.9 months.
Selby nevertheless drew a clear line. The real problem would begin when selling Bitcoin was no longer a choice and instead became necessary to keep the capital structure functioning.
New framework: Bitcoin is now being used like collateral
Under Strategy’s new Digital Credit Capital Framework, the dollar reserve can only be used to fund preferred-stock dividends and interest payments.
The company also approved a $1 billion repurchase program for its digital credit securities, with STRC given priority. A more flexible dividend policy was introduced for STRC as well. Even if the share price falls below its $100 par value, the dividend will no longer increase automatically.
Strategy separately launched a $1 billion common-share repurchase program. It also introduced a plan allowing the sale of up to $1.25 billion worth of Bitcoin to fund reserves, dividends, interest payments and securities repurchases.
Matthew Sigel of VanEck highlighted an important detail. The 3,588 BTC sold last week was not counted under the new program. This suggests Strategy may have additional selling capacity beyond the publicly stated $1.25 billion limit.
The rest of the sector tells a different story
According to Bitcoin Treasuries, 197 publicly traded companies now follow some form of Bitcoin accumulation strategy.
Strategy remains at the top of the list. It is followed by Twenty One, a Tether-backed company holding 43,514 BTC; Metaplanet with 43,000 BTC; MARA with 36,303 BTC; and Bitcoin Standard Treasury Company, backed by Adam Back and Cantor Fitzgerald, with 30,021 BTC.
However, the shares of many companies in this group remain far below their summer 2025 peaks.
MSTR itself is down 79% from its record high. Its market value now stands at only 1.03 times its net asset value, meaning the premium that once supported the stock has almost completely disappeared.
Standard Chartered maintained its $100,000 Bitcoin forecast for the end of 2026 on Friday.
According to the bank, Strategy’s shift from an “I will never sell” position to using Bitcoin as backing for preferred-stock obligations represents a communication problem rather than a solvency issue.
Grayscale analysts offered a different interpretation. They argued that Strategy’s stronger financing position could reduce the risk of a severe negative scenario originating from the company, helping Bitcoin establish a more durable price floor.
