Strategy Didn't Buy Any Bitcoin Last Week — and Now Has a Plan to Sell It

In the week ending June 28, Michael Saylor's Strategy bought zero bitcoin — the first such pause in a long time. The next day, June 29, the company announced a new financial framework — the Digital Credit Capital Framework — which for the first time formally allows the company to sell part of its BTC, not just buy more.

Strategy's USD reserve grew to $2.55 billion as of June 28 — nearly double the $1.4 billion it held a week earlier. Alongside that, the company set a limit of $1.25 billion on converting bitcoin into cash, with proceeds earmarked for replenishing dollar reserves, paying dividends and interest, and repurchasing its own digital credit securities and MSTR shares. Combined, the reserve and the BTC-sale limit give the company, by its own estimate, 25.9 months of dividend coverage — up from roughly 14 months before the announcement, as the analytics firm CryptoQuant had previously warned.

"Strategy remains committed to Bitcoin as its primary treasury reserve asset. At the same time, Digital Credit requires liquidity, discipline, and active capital management. This framework is designed to strengthen credit quality and enable the Company to reduce expected preferred stock dividend payments when accretive," Michael Saylor said.

The company's own numbers explain the shift. Strategy holds 847,363 BTC — about 4% of bitcoin's entire future supply — bought at an average cost of $75,650 per coin. With bitcoin trading below $60,000, that position is now underwater by roughly $12.5 billion. MSTR shares fell below $100 for the first time since 2024, and the stock's mNAV — the ratio of share price to the bitcoin held on the balance sheet — has dropped to 0.72: the stock now trades for less than the bitcoin sitting inside the company. Annual dividend obligations on the STRC preferred shares ballooned from roughly $300 million to $1.2 billion in the first half of 2026, as Strategy issued more STRC to keep funding bitcoin purchases, notes crypto.news.

Officially, the "buy only" doctrine hasn't been scrapped — Strategy still calls bitcoin its primary reserve asset. But for the first time in the company's history, it now has a formal, pre-announced mechanism for selling part of its BTC rather than just adding to it — the $1.25 billion limit formally opens that door, even if it hasn't been used yet.

This article is for informational purposes only and is not investment advice. Financial metrics and share prices change daily — verify current data before making any financial decisions.