Strategy Uses Bitcoin Sales to Fund Preferred-Stock Distributions
Strategy sold 2,225 BTC during July 1–5 and used the proceeds to fund preferred-stock distributions and replenish its U.S.-dollar reserve, turning Bitcoin into an active liquidity source inside its capital structure.
Strategy entered July not as the one-way Bitcoin accumulator that had defined its public identity for years, but as an active seller. In an SEC filing, the company disclosed that it sold 2,225 BTC between July 1 and July 5 for about $135.2 million. The sale followed additional Bitcoin sales at the end of June and reduced the company’s holdings to 843,775 BTC as of July 5.
The distinctive part was not simply the number of coins sold. Strategy stated that the proceeds were used to fund distributions on its preferred stock and replenish the portion of its U.S.-dollar reserve used for those payments. Bitcoin had therefore become a working source of corporate liquidity supporting a complex financing structure built around preferred securities and debt. That represented a material evolution from the earlier treasury narrative in which Strategy primarily issued capital to acquire more Bitcoin.
The July sales became part of a broader 2026 reassessment of public-company Bitcoin treasury models. Later industry analysis showed other companies selling Bitcoin, reducing exposure, or unwinding leverage. Strategy’s July transaction remained historically distinctive because the largest and most influential corporate Bitcoin holder was openly monetizing BTC to service its own capital structure rather than treating every coin as permanently untouchable.