Strategy Loses $216M from Bitcoin Sales Amid Dividend Concerns

SentiSense · Published Jul 6, 2026, 8:17 AM ET · Updated Jul 6, 2026, 5:37 PM ET

Strategy has sold over 3,500 bitcoins for $216 million, raising cash for dividend payments despite claims it wouldn't need to. Bitcoin prices surged as miners capitalized on the sell-off.

Strategy MSTR sold 3,588 bitcoin for $216 million to fund second-quarter dividends on four preferred securities and the full June payment on a fifth, according to a Form 8-K filed July 6. It is the largest bitcoin disposal in the company's history and its most direct acknowledgment yet that dividend obligations, not just accumulation, now shape its treasury strategy.

The sale occurred at a price below Strategy's roughly $75,476 average bitcoin cost basis, and MSTR opened about 4.5% lower on Nasdaq following the disclosure. Grayscale's head of research estimates Strategy's annual preferred-dividend obligation at around $1.5 billion, a load the company's software business does not generate enough cash to cover on its own.

The move marks a notable inversion of the original Strategy thesis, that bitcoin appreciation would perpetually fund the capital structure. At current bitcoin prices near $60,000, the capital structure is instead consuming bitcoin to meet its obligations. Strategy has also authorized a BTC Monetization Program permitting further sales of up to $1.25 billion to shore up its dollar reserves, suggesting this sale may not be the last.