Strategy has sold 6,948 bitcoins so far this year, according to a tally.

On Aug. 11, blockchain outlet Decrypt reported that Strategy is using a bitcoin monetisation programme introduced in June to secure funds for dividends and cash holdings and to raise money needed to redeem STRC, which has the characteristics of preferred shares.

The sales mark a change from its previous strategy of only continuing to buy bitcoin. Strategy has bought bitcoin since 2020, spending billions of dollars, and executives have repeatedly said they would not sell their holdings. But as market conditions worsened in 2026, the company began using its bitcoin as a tool to raise cash.

The most recent transaction was carried out last week. Strategy sold 1,690 BTC for about $108.6 million, and it was disclosed on Aug. 10. On Aug. 3, it sold 1,638 BTC for $105 million. Of that, $52.4 million was used for preferred-share dividends and $52.3 million for STRC purchases. Earlier this month, it disposed of 3,588 BTC for about $216 million, and the company said at the time it used the funds for preferred-share dividends and to bolster cash holdings.

A drop in STRC's share price is behind the sales stance. In May, STRC fell below $100 a share, limiting Strategy's ability to raise funds by issuing new STRC. As that funding channel, which had been used to finance bitcoin purchases, weakened, the company shifted to a capital management system that allows bitcoin sales, cash accumulation and preferred-share purchases together.

CEO Phong Le (퐁 레) said in a May interview with CNBC that selling bitcoin would be possible if it helps shareholders' interests. He said that when securing funds for dividends, he would do so if selling bitcoin is more advantageous for per-share bitcoin value than issuing stock.

Board Chairman Michael Saylor (마이클 세일러) also took a similar position. He said the company can raise funds for dividends with bitcoin, while adding that the goal is not "never selling" but "not becoming a net seller". In a podcast interview with David Lin, he explained that while he is known for saying "never sell bitcoin", the more accurate expression is not becoming a seller who reduces bitcoin on a net basis.

Strategy introduced the Digital Credit Capital Framework at the end of June, formalising its criteria for bitcoin sales. Under the policy, the company can sell up to $1.25 billion worth of bitcoin to replenish dollar reserves and to use for dividends, interest payments and share buybacks. As of Aug. 2, dollar reserves stood at $4 billion. But the first sale in May of 32 BTC, about $2.5 million, took place before the framework was introduced and is excluded from the limit calculation.

A breakdown of year-to-date sales shows that starting with the sale of 32 BTC for about $2.5 million in May, the company has monetised a total of 6,948 BTC, about $432.5 million, by adding up several disclosed transactions. The company is using part of the funds to buy STRC at a discounted price to try to push the share price back up to around $100.

Bitcoin remains Strategy's core financial asset. In a U.S. Securities and Exchange Commission filing submitted on Aug. 11, the company said it holds more than 840,000 BTC. It valued the holdings at about $53.6 billion. Strategy has thus established a structure to raise funds when needed by choosing between additional stock issuance and bitcoin sales. The recent moves show a shift toward not leaving bitcoin solely as an asset it will no longer touch.