Saylor's Strategy Sells $216M In Bitcoin, Testing Its New Monetization Program
Strategy has sold 3,588 BTC for roughly $216 million over the past two weeks, the first real test of the company’s newly announced Bitcoin Monetization Program — a formal reversal of Michael Saylor’s long-standing “never sell” accumulation strategy.
What actually happened. The sales came in two tranches: 1,363 BTC for $80.8 million between June 29 and June 30, and 2,225 BTC for $135.2 million between July 1 and July 5. Strategy still holds 843,775 BTC, with an average acquisition cost of roughly $75,500 per coin — meaning the company is selling at a steep unrealized loss relative to its cost basis, since Bitcoin has been trading near $60,000.
The framework behind it. The board approved a Digital Credit Capital Framework in late June, authorizing up to $1.25 billion in Bitcoin sales alongside $2 billion in stock buybacks. The stated purpose isn’t opportunistic trading — proceeds are earmarked to fund distributions on Strategy’s preferred stock (STRC) and replenish its USD reserve, which stood at $2.55 billion as of July 5. Only a small fraction of the $1.25 billion capacity has been used so far.
Why this is a bigger deal than the dollar amount suggests. For years, Strategy’s entire investment case rested on a simple promise: it would never sell Bitcoin, only accumulate. That thesis attracted investors seeking leveraged, permanent Bitcoin exposure through equity. A formal mechanism for selling — even a modest, liquidity-driven one — introduces two-way risk that didn’t exist before, and reframes STRC preferred shareholders as having priority over common shareholders when it comes to who gets paid first from any future Bitcoin sales.
The backdrop. The shift comes as Strategy’s mNAV premium — how much MSTR trades above the value of its Bitcoin holdings — has compressed toward 1x from historical levels of 2-3x, eroding the arbitrage that made the stock attractive to begin with. The company also disclosed a large unrealized loss on its digital asset holdings for the quarter, requiring a full valuation allowance against related deferred tax assets. None of this changes Strategy’s long-term accumulation stance, but it confirms the era of unconditional, one-way Bitcoin buying at any price has ended.