Strategy (formerly MicroStrategy), Michael Saylor’s company which holds the most Bitcoin in the world among listed companies, reached an important milestone this Monday, June 29, 2026. For the first time, it officially authorized itself to sell part of its bitcoins, as it had already done a few weeks ago. Here is a clear and complete explanation of what is really going on.
The key points of this article:
Strategy sold $1.2 billion worth of MSTR shares without purchasing new bitcoins, breaking with its usual strategy. Strategy’s bitcoin reserves remained unchanged at 847,363 units, suggesting an expectation of a better market entry point.
1. What was the historical model of Strategy?
Since 2020, Strategy has applied a very simple and very readable strategy: Raise money on the markets then buy Bitcoin immediately. But that was before. The goal was to accumulate as much BTC as possible and keep them for the long term. This model has made Strategy the primary Bitcoin investment vehicle for many investors.
2. Why did Strategy start to change its behavior?
Car Strategy has massively issued preferential securities (notably the STRC). These securities pay a high dividend to investors who purchase them (around 11.5% per year currently). In return, Strategy must pay these dividends in cash (in dollars) on a regular basis. The more these securities it issues, the more the amount of annual dividends increases. These obligations today exceed $1.2 billion per year. Strategy therefore needs liquidity in dollars to honor these payments.
3. Why is Strategy putting money aside instead of buying Bitcoin?
In recent weeks, Strategy has changed its behavior after certain fundraising. Concrete example: over one week in June 2026, the company raised approximately $335 million by selling shares. Instead of reinvesting everything in Bitcoin, she only used 35 millions to buy 520 bitcoins. The rest (around 300 million) was placed in its reserve in dollars (USD Reserve), which was thus increased to 1.4 billion dollars. The objective is clear: have cash to pay dividends without being forced to sell Bitcoin in a hurry.
4. What is the BTC Monetization Program announced today?
In continuation of this change in strategy, on June 29, 2026, Strategy formalized a BTC Monetization Program. This is a supervised authorization given by the board of directors to sell Bitcoin in very specific cases. This program allows you to sell Bitcoin to: Supply the reserve in dollars (within the limit of $1.25 billion in total); Pay dividends on preferred securities and interest on debt, but only if it is more advantageous than to issue new shares; Redeem your own preferred securities or MSTR shares. Any sales outside of these rules will require new board approval.
“Strategy remains committed to Bitcoin as its primary treasury reserve asset. At the same time, digital credit requires liquidity, rigor and active capital management. This framework aims to strengthen credit quality and allow the company to reduce preferred stock dividend payments where this is advantageous. It also defines how we plan to use our capital management tools while maintaining our long-term commitment to Bitcoin. »
Michael Saylor, founder and executive chairman of Strategy – Source
5. Is this the end of “Never Sell Bitcoin”?
Yes and no. This is not an open authorization for the massive sale of bitcoins. The program remains strictly supervised and limited to specific balance sheet management objectives. However, this clearly marks the end of the absolute “never sell” dogma that has characterized Strategy for years. The company is moving from a pure accumulation strategy to more active management of its balance sheet (Bitcoin + dollar reserve + capital structure).
6. Why is Strategy making this shift now?
THE dividends payable on preferred securities have increased significantly. In a market where the stock price is low, issuing new shares becomes dilutive and costly. Having the ability to sell Bitcoin in a controlled manner gives Strategy more flexibility to manage its obligations without undermining its existing shareholders.
7. What this changes for investors
This program gives Strategy greater flexibility in managing its balance sheetin particular to meet its dividend commitments. The risk of a massive and uncontrolled sale of Bitcoin remains limited thanks to the strict framework in place. The firm maintains its long-term bullish bias on Bitcoin, while taking a more pragmatic approach to capital management. Strategy faces increasing preferential dividend obligations. To respond without weakening its shareholders, it is building a reserve in dollars and has equipped itself with an official tool allowing it to sell Bitcoin when this is more efficient than issuing new shares. The BTC Monetization Program of June 29, 2026 formalizes this change in doctrine, while remaining very regulated.