Strategy has sold 6,948 bitcoins so far this year, a shift from its long-running approach of only accumulating the cryptocurrency. The company has used a bitcoin monetisation programme introduced in June to secure funds for dividends, cash reserves and to finance redemption of STRC, a preferred-share-like instrument. Executives have said sales may be possible if they benefit shareholders, while stressing the goal is not to become a net seller.

Strategy said it will not buy additional bitcoin until its preferred stock STRC recovers its $100 par value. CEO Phong Le linked the timing of renewed purchases to STRC’s price, saying financing conditions matter more than capacity. The company has not increased its bitcoin holdings since late June and has focused on building cash. It reported holding 843,775 BTC as of a July 12 SEC filing.