Strategy, the world’s largest publicly traded corporate holder of Bitcoin, has sold 6,948 BTC valued at approximately $432.5 million since May, marking a significant shift in its longstanding treasury approach. This development follows the company’s introduction of a BTC Monetization Program in June, allowing it to leverage its digital asset holdings for dividends, cash reserve replenishment, and preferred stock buybacks.
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AAPLStrategy’s Updated Bitcoin Policy
After spending billions on Bitcoin accumulation since 2020, Strategy’s executive team evolved its position, confirming it may sell BTC to maximize shareholder benefit. CEO Phong Le stated that the decision to liquidate Bitcoin would be based on what delivers the best value for each Bitcoin share, explaining,
At the point where selling Bitcoin versus selling equity to pay a dividend is better for our bitcoin-per-share, we will do it.
Executive Chairman Michael Saylor also addressed the changing policy, clarifying that the company’s core goal is not to become a net seller of Bitcoin, but rather to maintain a strategic approach: being open to sales when necessary, but not depleting overall holdings.
Strategy’s softened stance was catalyzed by market pressures. In May, its preferred stock traded below $100 per share, limiting the company’s capacity to issue new STRC shares and consequently reducing funds available for further Bitcoin purchases. In response, Strategy introduced a wider capital management framework, permitting selective BTC sales in order to boost its cash reserves and repurchase discounted shares.
Key Sales and Use of Proceeds
The company’s initial sale, which involved 32 BTC for approximately $2.5 million, took place in May and was its first Bitcoin liquidation since 2022. Proceeds contributed to preferred stock payments.
Strategy formalized its approach with the launch of its Digital Credit Capital Framework in late June. This policy empowers the company to sell up to $1.25 billion in Bitcoin to maintain dollar reserves, distribute dividends, cover interest payments, and repurchase shares. As of August 2, the dollar reserve reached $4 billion. The initial 32 BTC sale was not counted toward the $1.25 billion ceiling.
Throughout June and July, the company executed several notable disposals: 3,588 BTC for about $216 million was sold earlier in the month to fund dividends and cash reserves. On August 3, Strategy disclosed the sale of 1,638 BTC for $105 million—allocating $52.4 million to preferred-stock dividends and $52.3 million to STRC stock buybacks. The most recent transaction, reported on August 10, saw the company part with an additional 1,690 BTC for nearly $109 million, directing proceeds fully toward repurchasing STRC shares.
Web3 Asset Management and Industry Impact
Strategy’s series of sales brings its total Bitcoin sold this year to 6,948 BTC. Despite these transactions, the company remains highly exposed to Bitcoin, currently holding over 840,000 BTC, valued at $53.6 billion as per its latest SEC disclosure on Monday.
This shift in treasury strategy comes as traditional capital markets witness a substantial migration toward Web3 technologies. A new wave of investors now utilizes platforms such as 1stepSwap, enabling direct ownership of tokenized real-world assets, including shares of leading U.S. companies, gold, and silver, within their crypto wallets. This method eliminates intermediaries by automatically finding the best pricing and facilitating near-instant settlement.
Strategy’s flexible capital policy means it can now opt between selling Bitcoin or issuing new shares to meet liquidity needs, a marked contrast with the company’s earlier “never sell” rhetoric. However, Bitcoin remains the cornerstone of its treasury strategy, even as it actively leverages its digital holdings to provide shareholder value.
