Strategy sold 3,588 bitcoins for $216 million to secure funds for preferred share dividends and reinforce its cash reserve.

Cointelegraph reported on Sunday that the sale reduced Strategy's bitcoin holdings to 843,775.

An 8-K filing submitted to the U.S. Securities and Exchange Commission showed 1,363 bitcoins were sold from last Monday to Tuesday at an average $59,256, and 2,225 were sold from Wednesday to Sunday at an average $60,773.

Strategy also disclosed that it sold 32 bitcoins in early June. It was the first reported bitcoin sale since a 2022 tax-loss transaction. In an 8-K on June 29, the company disclosed a capital management framework that could allow it to sell bitcoin to pay dividends. It also raised the annual dividend rate on STRC preferred shares to 12 percent. Its dollar reserve, increased to $2.55 billion at the time, was unchanged in the latest filing.

STRC traded at $88.70 in premarket trading, 11.3 percent below its target par value of $100. STRC is one of the main tools Strategy uses to secure funding to accumulate bitcoin. If it continues to trade below par value, Strategy's ability to raise funds through STRC sales could weaken. Strategy may need to raise the nominal dividend rate further to attract buying demand and support the STRC price.

Bernstein said it viewed a forced sale of Strategy's bitcoin holdings as unlikely. It cited the company's cash position, saying it holds enough to cover 17 months of dividend obligations and interest payments. Bernstein also assessed that Strategy remains a net buyer of bitcoin and is playing a balancing role in a market where major U.S. bitcoin miners have turned into net sellers as they shift to artificial intelligence.