Michael Saylor's Strategy (formerly MicroStrategy) sold 3,588 Bitcoin for $216 million between June 29 and July 5 to fund preferred stock dividend payments. Per CoinDesk, the sale dramatically ups the pace of Bitcoin sales. Per Bitcoin Magazine, the sale is a record for the company. Per Cointelegraph, Strategy kept its $2.55 billion reserve intact while Bernstein maintained its year-end Bitcoin price target of $150,000. Per CryptoSlate, the largest Bitcoin sale in years puts new pressure on the corporate treasury model that made Saylor one of the most closely watched figures in digital assets, with Strategy facing a projected $8.3 billion Bitcoin Q2 loss.
How many Bitcoin did Strategy sell? 3,588 BTC for $216 million. The sale spanned June 29 to July 5 — the pace signals sustained-execution rather than a single-day disposal event.
Why sell? To fund preferred stock dividend payments. The dividend-obligation framing puts the sale in the mandatory-payment category rather than opportunistic-position-adjustment territory.
What's the $2.55 billion reserve? Strategy kept its $2.55 billion Bitcoin reserve intact. The messaging signals the sale was minimally scoped to cover the specific dividend obligation.
What's the $8.3 billion Q2 loss? Strategy faces a projected $8.3 billion Bitcoin Q2 unrealised loss. The figure reflects mark-to-market treatment of holdings at current prices below the average-purchase cost basis.
Why is this "the largest sale in years"? Strategy has publicly held to an accumulation-only posture through most of the corporate-treasury Bitcoin model's history — meaning the 3,588 BTC disposal breaks the never-sell public narrative that defined Saylor's brand as a Bitcoin proponent.
What's Bernstein saying? Bernstein maintained its year-end Bitcoin price target of $150,000. The target-reiteration positions the sale as a short-term operational necessity.
How did Bitcoin markets react? Bitcoin sold off as news of the sale shook investors' nerve. The quick rebound signals bulls remain positioned. Funding rates hit 9% amid the recovery.
What's Grayscale's read? Grayscale framed Strategy's Bitcoin sale as potentially giving BTC a "durable bottom." Grayscale's Zach Pandl said investors are now more confident about STRC — Strategy's preferred instrument reclaimed $90 for the first time in three weeks.
What's the Polymarket dimension? Two traders sued Polymarket over the disputed resolution of a Strategy-Bitcoin-sale prediction market.
What's next? Strategy's next SEC filing will define whether the sale extends into a sustained pattern.
Figures referenced: Michael Saylor. — JudgeMarket.
