Michael Saylor’s Strategy just sold 3,588 Bitcoin for $216 million. The reason? Funding preferred stock dividend payments. Not a fire sale, but it’s still notable — this is only their second Bitcoin sale since 2022.
The sale happened in two batches. First came 1,363 BTC at roughly $59,256 each early last week. Then 2,225 BTC at $60,773 between Wednesday and Sunday. Total holdings now sit at 843,775 Bitcoin. Their dollar reserve? Unchanged at $2.55 billion.
Strategy’s perpetual preferred stock (STRC) is trading at $88.70 — about 11% below its $100 par value. That matters because STRC is one of their main tools for raising cash to buy more Bitcoin. Trading below par makes it harder to raise funds this way, and might force them to bump the dividend rate to attract buyers.
Bernstein isn’t worried. They say Strategy has 17 months of cash to cover dividends and interest payments. Their debt is just 13% of their Bitcoin collateral value. Next principal payment of about $1 billion isn’t due until Q3 2028.
Bernstein kept their year-end Bitcoin target at $150,000. They also called Strategy a “balancing force” in a market where US Bitcoin miners are net sellers thanks to their pivot to AI. Plus there’s been $5.5 billion in outflows from Bitcoin ETFs so far in 2026.
Bottom line: Strategy is still a net buyer long-term. This sale was about keeping the dividend machine running, not distress.
