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Strategy sold 1,638 BTC for $104.7 million to fund preferred‑stock reserves, signaling a pivot from buy‑and‑hold to a digital‑credit framework.
Michael Saylor’s Strategy & Co. sold 1,638 Bitcoin on Wednesday, raising $104.7 million to shore up its USD reserve for preferred‑stock dividends, a stark reversal of its long‑standing buy‑and‑hold stance.
At a glance |
|---|---|
| BTC sold | 1,638 BTC ($104.7 M) |
| 24h price move | Bitcoin up ~35% from June low, trading around $63,500 |
| Catalyst | Need to fund Variable Rate Series A Perpetual Stretch Preferred Stock dividend reserve |
| New model | Rebranded as “Digital Credit Framework” using BTC as collateral |
Strategy’s shift from a “bitcoin treasury” to a “Digital Credit Framework” explains why the company, once famed for accumulating BTC, is now liquidating holdings. The sale was directed at the company’s USD reserve, which underwrites the Variable Rate Series A Perpetual Stretch Preferred Stock’s dividend obligations. The on‑chain tracker Lookonchain recorded a transfer of 1,030 BTC (≈$66.1 M) to an external wallet, with the remaining 608 BTC likely part of the same $104.7 M transaction pending official filing confirmation【2】.
Bitcoin’s price, driven by scarcity and demand, sits above $63,500 as of June 8 2026, a level more than 35% higher than its June 2026 low near $70 per preferred‑stock unit【1】. While Strategy’s outflows represent a modest fraction of total on‑chain supply, the firm’s reputation as the market’s largest corporate holder means its sales can sway sentiment. Analysts note that regular selling “flips the dynamic” that previously buoyed Bitcoin’s price, prompting investors to question whether continued outflows could exert downward pressure【2】.
Strategy has indicated that it will resume Bitcoin purchases only after its preferred‑stock price returns to the $100 par value. The stock currently trades at $95.18, up 35% from its June trough, suggesting a possible near‑term trigger for buying if the price reaches parity【2】. Until then, the company’s focus remains on maintaining dividend reserves rather than expanding its BTC holdings.
The significance lies in the broader narrative: a corporate giant that built its brand on Bitcoin accumulation is now using the asset as collateral to meet debt obligations, highlighting the evolving role of crypto in corporate finance and the potential volatility that such strategic shifts can introduce to the market.
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AI-assisted synthesis by the TrendWatcher Editorial Desk · sourced from 2 outlets · Aug 13, 2026 · How we report
MicroStrategy treats Bitcoin as its primary treasury asset, using a combination of equity and credit instruments to accumulate holdings while managing liquidity for corporate obligations.
While the firm has historically emphasized long-term accumulation, reports indicate that it has engaged in Bitcoin sales to strengthen dollar reserves and cover dividend payments.
The company raises capital primarily through at-the-market sales of common stock and the issuance of perpetual preferred shares.
MicroStrategy stock often mirrors the performance of Bitcoin, with both assets frequently rising or falling in tandem during market shifts.