Strategy Sells $467M MSTR, Makes No Bitcoin Buys; USD Reserve $3B

Strategy sold about $466.7 million of MicroStrategy (MSTR) shares between July 6 and July 12, the company disclosed in an 8-K filed with the U.S. Securities and Exchange Commission. The filing shows 4,818,781 shares were sold and roughly $450 million of the proceeds were added to the firm's USD reserve, which stood at $3.0 billion as of July 12. Strategy reported no bitcoin purchases or sales during the period and left its bitcoin holdings unchanged at 843,775 BTC.

The 843,775 BTC were acquired at an average price of $75,476, giving a total cost basis of about $63.7 billion including fees and expenses. At current prices those holdings are worth roughly $53 billion, implying an unrealized loss near $10.7 billion.

Earlier this month the company finalized a Digital Credit Capital Framework that restricts the USD reserve to covering preferred stock dividends and interest. The board authorized a $1 billion repurchase program for digital credit securities, initially prioritizing STRC, approved a flexible monthly dividend policy for STRC, authorized a $1 billion common stock buyback and created a BTC Monetization Program that permits up to $1.25 billion of bitcoin sales to fund the reserve, dividends, interest and securities repurchases.

On July 5 the company sold 3,588 BTC for about $216 million, the largest bitcoin sale in its history. Matthew Sigel of VanEck pointed out that the July 5 sale did not count against the BTC Monetization Program, which could indicate additional selling capacity beyond the $1.25 billion headline figure.

Company co-founder and executive chairman Michael Saylor posted a bitcoin tracker chart on X with the caption, “Orange dots tell only part of the story.” His regular Sunday posts have in the past preceded transaction disclosures; recent posts have aligned with the firm's broader capital plan rather than only purchases.

Around the time of the filing bitcoin traded near $63,000. Strategy's stock traded about 2.6% lower in pre-market action and had fallen 6.5% over the prior week, closing Friday at $94.64.

Gabe Selby, head of research at CF Benchmarks, noted the company's annual financing costs equal roughly 3.4% of the value of its bitcoin holdings and that cash reserves cover about 17.4 months of those costs, or 25.9 months including authorized reserve-building capacity. He warned: “The concern begins when selling bitcoin stops being a choice and becomes a recurring requirement for maintaining the capital structure.” Standard Chartered kept a year-end 2026 bitcoin forecast of $100,000 and described Strategy's shift from a “never sell bitcoin” stance to using bitcoin as collateral for preferred stock as a communication issue rather than a solvency problem. Analysts at Grayscale said the stronger financing position could reduce tail risks related to the company.

Strategy remains the largest corporate holder of bitcoin, controlling roughly 4% of the 21 million supply cap. Nearly 200 publicly listed companies report some form of bitcoin acquisition model; other large holders include Twenty One, Metaplanet, Marathon Digital and Bitcoin Standard Treasury Company.