Michael Saylor’s Strategy has sold 3,588 Bitcoin, valued at approximately $216 million, to fund preferred stock dividend payments while maintaining a strong liquidity position, according to a filing with the U.S. Securities and Exchange Commission (SEC).
Despite the sale, the company continues to hold 843,775 BTC, preserving its position as the world’s largest corporate Bitcoin holder by a wide margin.
Form 8-K filing with the US Securities and Exchange Commission. Source: Strategy
Bitcoin Sale Supports Shareholder Returns
The latest transaction marks another shift in Strategy’s evolving capital management strategy.
The company sold:
- 1,363 BTC between Monday and Tuesday at an average price of $59,256
- 2,225 BTC between Wednesday and Sunday at an average price of $60,773
Combined, the transactions generated approximately $216 million, which Strategy intends to use to fund dividend payments on its preferred shares while strengthening its overall cash position.
Unlike previous years, where Bitcoin sales were rare, the company has now established a framework allowing selective BTC sales to support shareholder obligations without materially impacting its long-term Bitcoin strategy.
Massive Bitcoin Holdings Remain Intact
Following the sale, Strategy still owns 843,775 Bitcoin, representing one of the largest institutional Bitcoin treasuries globally.
The company also confirmed that its cash reserve remains at $2.55 billion, providing substantial liquidity for dividend payments, operational expenses, and future financial obligations.
The strong reserve reinforces Strategy’s ability to manage capital efficiently while continuing to view Bitcoin as its primary treasury asset.
Preferred Stock Strategy Faces Challenges
Strategy recently increased the annual dividend on its STRC perpetual preferred shares to 12%, aiming to make the securities more attractive to investors.
However, STRC shares have recently traded below their intended $100 par value, limiting the company’s ability to raise additional capital through new preferred share issuances.
If market prices remain below par, Strategy may need to further adjust dividend yields or explore alternative financing methods to continue supporting its Bitcoin acquisition strategy.
Bernstein Sees No Risk of Forced Bitcoin Sales
Investment research firm Bernstein remains optimistic about Strategy’s financial position despite the recent Bitcoin sale.
According to the firm’s latest analysis, Strategy has approximately 17 months of available liquidity to comfortably cover dividend payments and debt servicing requirements.
Bernstein also highlighted that the company’s debt represents only around 13% of the value of its Bitcoin holdings, leaving ample collateral coverage.
Importantly, Strategy’s next major debt repayment—roughly $1 billion—does not mature until the third quarter of 2028, significantly reducing near-term refinancing pressure.
Strategy yearly net accumulation. Source: Bernstein
Strategy Continues to Support Bitcoin Demand
Bernstein believes Strategy continues to play a significant role in supporting Bitcoin demand.
At a time when several publicly listed Bitcoin mining companies have reduced their BTC holdings to finance expansion into artificial intelligence infrastructure, Strategy remains one of the market’s largest long-term accumulators.
The firm noted that Strategy has helped offset selling pressure created by miners and billions of dollars in ETF outflows during 2026, acting as a stabilizing force for institutional Bitcoin demand.
Bernstein Maintains $150,000 Bitcoin Target
Despite recent market volatility, Bernstein reaffirmed its $150,000 year-end Bitcoin price target, citing continued institutional adoption, improving market structure, and long-term confidence in Bitcoin as a global reserve asset.
The research firm said it remains bullish on Bitcoin’s long-term outlook and expects institutional participation to continue strengthening over the coming years.
Why It Matters
Strategy’s latest Bitcoin sale demonstrates how the company is gradually integrating its massive BTC holdings into a broader corporate treasury strategy rather than treating them solely as passive reserves.
By using a relatively small portion of its Bitcoin treasury to fund shareholder dividends while maintaining over 843,000 BTC and $2.55 billion in cash, Strategy is signaling confidence in both its financial flexibility and its long-term conviction in Bitcoin.
The move also highlights the growing maturity of corporate Bitcoin treasury management, where digital assets are increasingly being used alongside traditional capital market tools to support shareholder value while maintaining significant long-term exposure to Bitcoin.
