NEW YORK, July 6, 2026, 18:30 EDT
- Strategy unloaded 3,588 bitcoin for $216.0 million. That’s less than 0.5% of its total holdings, but covers about 1.5 months of the company’s $1.76 billion yearly dividend and interest costs.
- The company left its $1.25 billion bitcoin-sale firepower untouched, despite the sale. Its USD reserve stayed at $2.55 billion.
- MSTR was last little changed at $100.77. Bitcoin was at $64,184, around 15% under Strategy’s average bitcoin cost of $75,476.
Strategy Inc NASDAQ:MSTR has started selling off some of its bitcoin holdings for cash. The first big sale makes one metric clear for shareholders: they’ll need to watch how many months of fixed cash costs can be covered by each bitcoin sale.
MicroStrategy said Monday it sold 3,588 bitcoin from June 29 to July 5, pulling in $216 million in net proceeds. The company unloaded 1,363 bitcoin at an average price of $59,256 in late June. It sold another 2,225 at $60,773 in early July. As of July 5, MicroStrategy held 843,775 bitcoin, having bought them for $63.69 billion in total, or $75,476 per coin on average, according to its filing.
Strategy’s sale trimmed its bitcoin stash by less than 0.5%. But the proceeds are about 12% of the company’s $1.76 billion in expected yearly preferred dividend and interest payments, or roughly 1.5 months’ worth. That’s where things get tight: even small bitcoin sales from Strategy can be important for its debt load, despite the size of its reserves.
The common stock last traded at $100.77, little changed for the session, with shares moving between $94.75 and $105.83. Bitcoin was at $64,184. Invesco QQQ Trust Series 1 NASDAQ:QQQ rose 1.36%. With bitcoin at that level, Strategy’s gross bitcoin stake was about $54.2 billion—more than the $33.65 billion market cap for the common, not counting preferreds, debt, taxes, fees or the software business.
Strategy didn’t sell any common stock in its at-the-market program or repurchase shares for the week ended July 5. The company said the bitcoin sale proceeds went to pay preferred stock distributions and top up its USD reserve for those payouts. That reserve was at $2.55 billion. The company said it still has the full $1.25 billion capacity open on its bitcoin monetization program.
| Cash metric | Amount | Investor read-through |
|---|---|---|
| Bitcoin sale from last week | $216.0 million | Covers around 1.5 months of the $1.76 billion annual run-rate |
| USD reserves on hand | $2.55 billion | That’s about 17.4 months at current annual pace |
| Reserves with unused BTC sale capacity | $3.80 billion | Good for about 25.9 months, before any changes, taxes or fees |
| BTC needed to bring in $1.25 billion at last week’s price | Roughly 20,800 BTC | Roughly 2.5% of present BTC holdings |
Based on last week’s average sale price, the company would need to offload about 20,800 bitcoin to reach the full $1.25 billion reserve authorization. If bitcoin trades under the $75,476 average purchase price, selling would generate cash but reduce holdings at prices below the cost basis.
Executive Chairman Michael Saylor last week said Strategy is sticking with bitcoin as its core treasury reserve, but Digital Credit needs “liquidity, discipline, and active capital management.” CEO Phong Le said Strategy is shifting from “one-way capital issuance to active capital management.” CFO Andrew Kang summed it up: “Bitcoin is capital.” Strategy
The company posted a digital asset loss of $8.32 billion for the second quarter, with $8.31 billion coming from unrealized losses and $0.9 million from realized losses. It said the cost basis of its bitcoin was higher than fair value at June 30. The company said it will add a valuation allowance for related deferred tax benefits.
Outlooks have shifted, but they’re not all bearish:
| Source | Bitcoin forecast | Strategy stock view |
|---|---|---|
| Citi base case | $82,000 12-month target | MSTR target lowered to $136 from $260 |
| Citi bear case | $52,512 | No figure included in report |
| Citi bull case | $108,313 | No figure included in report |
| Visible Alpha broker set | — | Average MSTR target is around $264; four brokers tracked rate it buy |
Citi analyst Alex Saunders lowered his 12-month price target on bitcoin to $82,000, down from $112,000. Investopedia quoted Citi saying spot bitcoin ETF flows have been “slow to no-show.” Citi also slashed its target on Strategy to $136 from $260. Visible Alpha’s four-broker average stayed around $264, with those brokers still rating the stock a buy. Investopedia
Cantor’s Ramsey El-Assal and his team are pushing back on the near-term bearish call after talking with Saylor. They say management’s main focus is getting Strategy’s STRC preferred stock NASDAQ:STRC back to par, calling it a “good time” to pick up STRC or “buy shares of MSTR common.” CoinDesk
What matters for common holders now isn’t only if bitcoin climbs. They’re also watching if STRC heads for $100, if Strategy stays away from selling common shares close to 1x mNAV, and if the next asset sale is seen as ordinary reserve housekeeping or as proof the bitcoin pile is really just funding the structure.
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