The transactions mark Strategy's third bitcoin sale of 2026, following a 3,588 BTC sale in early July and a 32 BTC sale in late May — the first since 2022. Year-to-date, the company has purchased 174,895 BTC while selling 3,620 BTC, a net increase of roughly 25%. Yet the sales have locked in realized losses: the latest batch was sold about $11,500 below the average cost basis, realizing an estimated $18.8 million loss.
Strategy's board maintained the STRC dividend rate at 12% annually, declaring $0.50-per-share payments for periods ending August 31 and September 15. Management has said it does not intend to recommend a lower rate until STRC trades sustainably near par. CEO Phong Le has reiterated that the company plans to remain a long-term net buyer of bitcoin despite recent sales.
The shift reflects a formal Digital Credit Capital Framework adopted by the board on June 29, authorizing a Bitcoin Monetization Program with a $1.25 billion sales limit and a USD Reserve policy. The framework prioritizes liquidity and preferred-stock support over pure accumulation, a notable evolution from the company's earlier "never sell" posture.
What to Watch
With bitcoin trading near $63,759 and STRC still below par, the tension between funding fixed preferred obligations and maintaining bitcoin exposure remains unresolved. Will the company's capital structure sustain its dividend commitments without further bitcoin liquidations if prices decline further?
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