Strategy sold 3,588 BTC for $226 million

In early May 2026, Strategy's management first acknowledged the possibility of selling Bitcoin as part of a new liquidity management program. The firm's founder, Michael Saylor, emphasized that such a move might be needed amid a quarterly loss of $12.7 billion and increasing pressure on the capital structure.

In June, the company sold 32 BTC for ~$2.5 million for the first time in four years. Representatives of the Bitcoin treasury explained the transaction as necessary for STRC payments.

Grayscale called the deal a 'stress test' for Strategy. According to experts, even small sales could worsen the perception of the company's model sustainability and increase doubts about its ability to continue accumulating the first cryptocurrency.

JPMorgan analysts expressed a similar opinion. They added that the launch of Strategy's crypto reserve realization mechanism created a 'two-sided risk' for the market that could have been avoided.

Recall that in June, Ripple CEO Brad Garlinghouse called Strategy's model harmful to the market, as it finances cryptocurrency purchases by issuing preferred shares.

CryptoQuant urged the company to suspend aggressive Bitcoin purchases and restore its cash reserve in US dollars. The head of the project's research department, Julio Moreno, believes that trying to quickly restore the reserve by selling cryptocurrency will ultimately 'kill' shareholder value.