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Strategy has carried out the largest Bitcoin (BTC) sale in its history, offloading 3,588 BTC for approximately $216 million as the company moved to fund dividend payments on its preferred securities and reinforce its cash reserves.
The transaction, announced Monday, marks a significant moment for the world’s largest corporate Bitcoin holder, which has built its reputation on aggressively accumulating the cryptocurrency under the leadership of Executive Chairman Michael Saylor.
Despite the disposal, Strategy still owns 843,775 BTC, worth more than $52 billion at current market prices.
Notably, according to the company’s latest filing, Strategy sold 1,363 BTC between June 29 and June 30 for approximately $80.8 million, followed by another 2,225 BTC between July 1 and July 5 for about $135.2 million, bringing total proceeds to roughly $216 million.
The company said the funds were used to pay quarterly dividends on its preferred stock offerings, namely STRF, STRE, STRK, and STRD, while also covering June’s monthly dividend payment for STRC. The remaining proceeds helped restore Strategy’s U.S. dollar reserve to $2.55 billion.
 
The sale comes after the company adopted its Digital Credit Capital Framework, which requires its cash reserve to be maintained for dividend and interest obligations and to cover at least 12 months of those commitments.
Although Strategy previously sold 32 BTC earlier this year to meet dividend obligations, the latest transaction is by far the company’s largest Bitcoin disposal since it began accumulating the asset.
However, the company’s Bitcoin portfolio remains underwater on paper by roughly $10 billion given it acquired its holdings at an average purchase price of roughly $75,653 per BTC.
Its second-quarter financial update also disclosed an $8.32 billion digital asset loss, largely driven by unrealized declines in the value of its Bitcoin holdings.
Meanwhile, although Strategy described the transaction as a liquidity management decision rather than a change in its Bitcoin strategy, the move has intensified scrutiny from market observers.
Earlier this year, Grayscale described Strategy’s initial Bitcoin sales as a potential “stress test” for the company’s business model, suggesting that even relatively small disposals could challenge investor confidence in its long-term accumulation strategy.
Meanwhile, Ripple CEO Brad Garlinghouse criticized Strategy’s approach in June, arguing that raising capital through preferred shares to acquire Bitcoin creates unnecessary risks for both investors and the broader market.
The latest sale also echoes concerns raised by blockchain analytics platform CryptoQuant.
Additionally, Julio Moreno, CryptoQuant’s Head of Research, urged Strategy to slow its aggressive Bitcoin accumulation and rebuild its U.S. dollar reserves. Moreno argued that repeatedly purchasing Bitcoin before later selling portions of those holdings to restore liquidity could ultimately “kill shareholder value.”
Nevertheless, Michael Saylor has remained publicly bullish on Bitcoin. Ahead of the announcement, he wrote on X that “Bitcoin is digital energy,” while separately arguing that the cryptocurrency’s next phase of growth will be driven by institutional capital, expanding credit markets, and stronger financial infrastructure rather than traditional catalysts such as halving cycles.
Following the announcement, Bitcoin briefly dipped to around $62,000 before recovering to $63,794 at press time, up 1.54% over the past 24 hours.