Strategy Inc. ends 'never sell' Bitcoin policy, authorizes $1.25B sales
In brief
- Strategy authorized up to $1.25B in Bitcoin sales through new monetization framework.
- Framework greenlights $2B total repurchases: $1B Digital Credit Securities, $1B Class A stock.
- MSTR shares climbed 7-8% in pre-market trading following announcement.
A shift in strategy
Strategy currently holds approximately 847,363 BTC, acquired at an average cost of roughly $75,651 per coin. The company's USD Reserve sits at approximately $2.55 billion. Combined with the $1.25 billion Bitcoin monetization authorization, Strategy says it has roughly 25.9 months of liquidity coverage to service its preferred dividends and interest obligations, which run about $1.76 billion annually.
The timing isn't accidental. In late May 2026, Strategy quietly sold 32 BTC for approximately $2.5 million, marking its first Bitcoin sale since 2022. That transaction signaled what was coming: a formal policy shift away from absolute accumulation.
Dynamic capital allocation
Michael Saylor and CEO Phong Le framed the shift as a move toward "dynamic capital allocation." The stated goal is to maximize Bitcoin holdings per share while maintaining enough liquidity to service preferred securities.
Rather than maximizing total BTC held, the company is now optimizing for per-share value, which means buybacks funded by selective Bitcoin sales could theoretically be accretive even if the total Bitcoin count drops.
This is the crux of the framework. Strategy has been issuing convertible notes, preferred stock, and other instruments at an aggressive pace to fund its Bitcoin purchases. That debt load now requires a new approach. If Strategy sells Bitcoin at high prices and repurchases its own shares at a discount to net asset value, it could increase the Bitcoin-per-share ratio—even if total holdings shrink.
MSTR shares responded favorably, climbing nearly 7-8% in pre-market trading following the announcement. The market read the move as a rational optimization of capital structure, not a retreat from Bitcoin conviction.
Frequently asked questions
Why is Strategy selling Bitcoin if it's been accumulating?
Strategy shifted to optimizing Bitcoin-per-share value rather than total holdings. By selling Bitcoin at high prices and using proceeds to repurchase shares at a discount to net asset value, the company can theoretically increase per-share Bitcoin ownership even if total holdings decline.
How much Bitcoin can Strategy sell under the new framework?
The Digital Credit Capital Framework authorizes up to $1.25 billion in Bitcoin sales through a newly created monetization program. Combined with Strategy's $2.55 billion USD Reserve, this provides roughly 25.9 months of liquidity coverage.
What is Strategy's current Bitcoin position?
Strategy holds approximately 847,363 BTC acquired at an average cost of roughly $75,651 per coin. The company's USD Reserve sits at approximately $2.55 billion.
