Strategy, formerly MicroStrategy, recently sold 3,588 Bitcoin for roughly $216 million to meet dividend obligations on its preferred stock series. This marks the second sale since 2022, following a minor 32 BTC sell-off in late May. The move was driven by the need to fund a 12% annual dividend on its STRC perpetual preferred share, which pays out twice monthly in cash. Strategy’s software business doesn’t generate enough cash to cover this, so the company either issues more stock, takes on debt, or sells Bitcoin. This time, it chose Bitcoin.
A poll of our readers, who are well-versed in Bitcoin and treasury mechanics, showed fractured opinions. About a third (33.33%) still see Strategy as the most disciplined Bitcoin treasury, viewing the sale as a minor bookkeeping exercise. They note the company holds 843,775 BTC, and the sale was only 0.4% of its holdings. Another 23.7% said they are not invested in any treasury companies, a sign of fatigue or disinterest. Nearly 22.8% felt the sale breaks the “never sell” pitch that Saylor built his reputation on, though they acknowledge it may not be a fatal move. And 20.2% said they would rather hold smaller stacks like Strive or ABTC, which avoid the dividend trap.
The broader point is that Strategy has effectively become a levered Bitcoin ETF wrapped in a finance company. Its new “$BTC Monetization Program” of up to $1.25 billion means future dividend obligations may be met by selling Bitcoin, not just issuing equity or debt. This shift changes the company’s fundamental narrative. If Bitcoin prices rise, the sales may be footnotes. But if prices stagnate or drop, the sales could become a pattern that is harder to defend. The “never sell” era is over, and a third of readers stand with Saylor while the rest are annoyed, indifferent, or looking elsewhere.
