Strategy authorized bitcoin sales under new capital framework

Strategy Inc. on June 29, 2026, disclosed a board-authorized capital framework that permits the company to sell bitcoin for defined balance-sheet purposes. The most concrete limit was permission to generate up to $1.25 billion for its U.S. dollar reserve. The program also allowed bitcoin sales to pay or replenish cash used for preferred-stock dividends and debt interest, or to finance authorized repurchases of preferred securities and MSTR common stock.

The distinction is important: Strategy announced authority and conditions, not a completed bitcoin sale. Its Form 8-K said the program imposed no obligation to sell, had no fixed expiration date, and could be modified, suspended or terminated. Sales beyond the specified purposes or authorizations would require further board approval.

A treasury model met its cash obligations

Strategy reported 847,363 BTC as of June 28, acquired for an aggregate $64.10 billion including fees and expenses, or an average $75,651 per bitcoin. It bought no bitcoin during the June 22–28 reporting week. Instead, the company sold 12,669,017 MSTR shares through its at-the-market program for $1.1524 billion in net proceeds.

That activity helped lift the company’s dollar reserve to approximately $2.55 billion as of June 28. The filing cautioned that this figure included expected proceeds from share sales that had not yet settled. Strategy restricted the reserve by board policy to preferred dividends and interest on outstanding debt; another use, or a decline below 12 months of expected obligations, would require board authorization.

Using approximately $1.76 billion of expected annual preferred dividends and interest, Strategy calculated that the reserve covered 17.4 months. Adding the $1.25 billion reserve-building bitcoin-sale capacity produced $3.80 billion of stated liquidity coverage, or 25.9 months. Those were company calculations, not guaranteed runway: the release said they excluded possible repurchases, dividend-rate changes, taxes, transaction costs and market conditions affecting any bitcoin sale.

From accumulation to active capital management

The framework mattered because it formalized a two-way relationship between Strategy’s bitcoin reserve and its securities. Bitcoin was no longer described only as an asset accumulated with capital-market proceeds; under defined circumstances, it could become a source of cash supporting the liabilities and market structure built around that accumulation strategy.

The same package authorized up to $1.0 billion of repurchases across Strategy’s listed preferred securities and another $1.0 billion for MSTR common stock. The dollar reserve could not fund those buybacks. If Strategy chose to use bitcoin instead, the sales would fall under the new monetization program.

Strategy also raised the annual rate on its variable-rate STRC preferred stock to 12.00% for semi-monthly periods with record dates on or after July 1, 2026. Management said its objective was for STRC to trade near its $100 stated amount, but explicitly did not guarantee that result. The dividend remained subject to declaration.

A volatile event-day market

CoinDesk’s June 29 live market log illustrates why reaction claims require caution. Its BTC/USD data placed bitcoin near $59,700 in the publisher’s displayed 6:03 a.m. entry. The displayed 12:14 p.m. entry recorded a move from roughly $59,700 to above $60,400 after the announcement; at 1:52 p.m., the log showed about $59,300, down roughly 1% over 24 hours. These are publisher snapshots from a continuous global market, not a closing auction, and they do not establish that Strategy’s announcement caused the moves.

The verifiable development on June 29 was therefore narrower, but consequential: a company holding one of the market’s largest disclosed corporate bitcoin positions acquired a formal mechanism to sell part of that reserve to support cash coverage and securities repurchases. Whether management would use the authority, at what price, and with what effect on bitcoin per share remained unresolved on June 29, 2026.