In a move that has caught the attention of the crypto and equity markets, Strategy Inc (NASDAQ:MSTR) disclosed the sale of 3,588 bitcoins for approximately $216 million between June 29 and July 5, 2026. The company, which has long been the largest publicly traded bitcoin holder, reported a remaining stash of 843,775 BTC as of July 5.
The sale, executed in two tranches—1,363 BTC for $80.8 million at the end of June and another 2,225 BTC for $135.2 million in early July—was used to fund preferred-stock payouts and rebuild the firm's dollar reserve, which now stands at $2.55 billion. Notably, none of the $1.25 billion available under its bitcoin monetization program has been utilized.
While the sold amount represents just 0.42% of Strategy's pre-sale holdings, the move signals a potential shift in corporate treasury strategy. With bitcoin trading near $63,086—roughly 16.4% below Strategy's average purchase price of $75,476—the market is now watching for any further liquidation that could weigh on the digital asset's price.
Analysts at JPMorgan (NYSE:JPM) described Strategy's formal sale policy as introducing “avoidable two-way risk,” noting the company now has the ability to both buy and sell bitcoin. Conversely, Zach Pandl at Grayscale argued that the move “should restore market confidence” in Strategy's financing model, potentially allowing bitcoin to establish a “more durable bottom.”
Bernstein analysts, led by Gautam Chhugani, remain bullish on the long-term outlook, maintaining a year-end bitcoin target of $150,000—though they acknowledged it is “ambitious” after the recent pullback. They characterized the current bear market as “milder than previous drawdowns,” noting that bitcoin's decline of roughly 54% from its cycle high is less severe than the 75% to 90% drops seen in prior cycles.
Broader flow data from Bernstein shows that treasury companies and ETFs have attracted only $10 billion in net inflows in 2026, down 83% from $60 billion in 2025. Spot bitcoin ETFs have experienced $5.5 billion in outflows against $74 billion in assets under management. Meanwhile, one corporate buyer—widely believed to be Strategy—has purchased roughly 175,000 BTC for $14 billion this year, representing more gross buying than the entire channel's net numbers.
The potential for further sales by Strategy introduces a new dynamic. If the company were to tap its remaining $1.25 billion monetization capacity, it could sell up to 19,800 BTC at current prices—equivalent to 2.35% of its stack. This overhang comes at a time when U.S.-listed miners are also becoming net sellers as they pivot capital toward AI data-center projects, and network hash rate has fallen about 11% year-to-date.
Strategy shares have received mixed ratings from brokers. Benchmark maintains a Buy rating with a $570 target, while TD Cowen slashed its price target to $260 from $400, citing a lower bitcoin forecast. Heading into the open, Strategy's market capitalization was approximately $33.65 billion, compared to the roughly $53.2 billion market value of its bitcoin holdings at spot prices—before accounting for preferred stock, debt, taxes, or operating value.
