Strategy sells 3,588 Bitcoin for $216M to fund dividends, keeps $2.55B reserve intact

Key Takeaways

• Strategy sold 3,588 Bitcoin for $216 million to fund preferred stock dividend payments, according to Cointelegraph, cutting its total holdings to 843,775 BTC.
• The company’s $2.55 billion US dollar reserve, disclosed in a June 29 8-K filing, remained unchanged after the sale, Cointelegraph reported.
• Wealth manager Bernstein kept its year-end Bitcoin price target at $150,000, citing Strategy’s liquidity position and its role as a “balancing force” against selling by Bitcoin miners and ETF outflows.

What Strategy Disclosed and Why

Michael Saylor’s Strategy sold 3,588 Bitcoin to raise $216 million, using the proceeds to fund payments on its preferred stock dividends and to top up its cash reserves, Cointelegraph reported, citing a Monday 8-K filing with the US Securities and Exchange Commission. The sale reduced the company’s total Bitcoin holdings to 843,775 BTC.

According to the filing details relayed by Cointelegraph, the disposals happened in two batches: 1,363 Bitcoin were sold at an average price of $59,256 between last Monday and Tuesday, while a further 2,225 Bitcoin were sold at an average price of $60,773 between Wednesday and Sunday. This marks only the second disclosed Bitcoin sale by Strategy since the company’s 2022 tax-loss transaction, following an earlier disclosure in early June covering a much smaller sale of 32 Bitcoin.

The move follows a capital framework Strategy unveiled in its June 29 8-K filing, which explicitly allows the company to sell Bitcoin to fund dividend obligations. That same filing raised the annual dividend rate on Strategy’s STRC preferred stock to 12% and disclosed that the company’s US dollar reserve had grown to $2.55 billion. Monday’s filing, Cointelegraph noted, showed that reserve figure had not changed, meaning the newly raised $216 million was directed toward dividend funding rather than added to the cash buffer.

Why This Matters for Everyday Crypto Users

Strategy’s STRC preferred stock is one of the company’s central tools for financing its ongoing Bitcoin accumulation strategy. Cointelegraph reported that STRC traded at $88.70 during Monday’s pre-market session, sitting 11.3% below its intended par value of $100, according to Yahoo Finance data cited in the article. When a preferred stock trades meaningfully below its par value, it becomes harder for the issuer to raise fresh capital by selling more of it, and it can also pressure the company into raising nominal dividend rates further to attract buyers and defend the stock’s price.

For retail holders of Bitcoin or Strategy-linked securities, this dynamic matters because it shows how a large corporate holder manages competing pressures: honoring dividend commitments to preferred shareholders while trying to preserve its core Bitcoin position. The fact that Strategy chose to sell Bitcoin rather than draw down its untouched $2.55 billion cash reserve is notable, and it illustrates that even a company with substantial reserves may still tap its Bitcoin holdings under specific capital-management rules it has set for itself.

Bernstein’s analysis, as relayed by Cointelegraph, offered additional context on Strategy’s financial footing. The wealth manager estimated Strategy holds 17 months of cash to cover dividend obligations and interest payments, and said the company was unlikely to be forced into distressed Bitcoin sales given this liquidity position. Bernstein also noted that Strategy’s debt liabilities amount to about 13% of its Bitcoin collateral value, and that the company’s next major principal payment, roughly $1 billion, is not due until the third quarter of 2028. This timeline gives Strategy a fairly long runway before facing a large fixed obligation.

Bernstein further characterized Strategy as remaining a net buyer of Bitcoin overall, describing the company as an important counterweight in a market where major US Bitcoin miners have become net sellers as they redirect resources toward AI infrastructure. Cointelegraph reported that Bernstein pointed to $5.5 billion in outflows from Bitcoin exchange-traded funds so far in 2026 as part of the backdrop against which Strategy’s steady accumulation stands out.

Hype Check

Claim: Strategy’s Bitcoin sale signals financial distress or a shift away from its accumulation strategy. Reality: Cointelegraph’s reporting shows the sale was a targeted transaction to fund preferred stock dividends under a capital framework the company itself established in June, and its $2.55 billion cash reserve was left untouched. Bernstein, cited by Cointelegraph, estimated 17 months of cash coverage and noted debt equals only about 13% of Strategy’s Bitcoin collateral value, with no major principal payment due until the third quarter of 2028. Verdict: Mixed — the sale is a real and disclosed event with some pressure signals, such as STRC trading below par, but the broader financial picture described by Cointelegraph does not point to forced or distressed selling. This is not financial advice.

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Logged: Bernstein — Bitcoin → $150,000 by year-end (Cointelegraph). We log it and revisit how it ages — accountability most crypto sites avoid. See every prediction we track →

Source

• Cointelegraph: Strategy sells 3,588 Bitcoin for $216M to fund dividends, keeps $2.55B reserve intact

Researched with AI assistance, fact-checked and edited by a human. Not financial advice.