Strategy said it may keep selling Bitcoin and will no longer route every dollar it raises into BTC▼$76,940.00 as it builds cash for dividends.
Strategy’s capital machine no longer runs in only one direction. During the company’s Q2 earnings call, Phong Le, Strategy’s president and CEO, said it will sell Bitcoin whenever management considers doing so “advantageous” and that investors should “expect that we may do that on a go-forward basis.”
The crypto reserve could be sold to add about $1.2 billion to Strategy’s dollar reserve, cover more than $1.7 billion in annual dividend and interest payments or fund up to $2 billion in repurchases of MSTR, its common stock, and STRC, its variable-rate preferred stock.
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Not Every New Dollar Will Buy Bitcoin
Michael Saylor, Strategy’s executive chairman, said the company had “underestimated the value” of holding cash and had become too focused on Bitcoin. He said:
“I think traditionally we’ve always wanted to be long Bitcoin, but I think we underestimated the value of U.S. dollars. Now I think we’ve developed an appreciation for actively managing the mixture between USD and BTC.”
Although proceeds from past capital raises went entirely into BTC, Strategy now plans to adjust the split based partly on Bitcoin’s price relative to its 200-week moving average.
It may favor dollars when Bitcoin trades far above that level and buy more aggressively around or below it. Saylor explained:
“If we sell $1 billion of credit, I don’t think you’ll see 100% BTC, zero USD as the norm. I think it’ll be a ratio.”
Strategy Remains a Net Buyer
Still, the change doesn’t mean Strategy has completely stopped accumulating Bitcoin. It bought 174,895 BTC and sold 3,620 BTC during the first seven months of 2026, meaning purchases exceeded sales by about 48 times.
Those sales included 32 BTC used to test the process and another 3,588 BTC sold around the end of June for $216 million to fund preferred-stock dividends.
Strategy also rejected borrowing against its holdings for now. Le argued the market wasn’t large or attractively priced enough for the company’s needs, while Saylor cited counterparty risks and the uncertainty created by margin requirements.
The company previously used a Bitcoin-backed loan during the 2022 downturn. But as Le said, its restrictions and margin requirement taught Strategy not to repeat that approach.
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