MicroStrategy Sells $216 Million in Bitcoin to Fund Dividends

The Bitcoin treasury company MicroStrategy, led by Executive Chairman Michael Saylor, sold 3,588 Bitcoin for approximately $216 million between June 29 and July 5, 2026. The company used the proceeds to fund preferred stock dividend payments and replenish its U.S. dollar reserves, which now stand at $2.55 billion. This action follows the June 29 announcement of a Digital Credit Capital Framework, authorizing the sale of up to $1.25 billion in Bitcoin to cover interest payments, dividends, and share buybacks.

The divestment marks a departure from the company's previous "never sell" philosophy. Michael Saylor defended the move as essential capital management to fulfill shareholder obligations, asserting that his previous advice against selling was intended for individual holders rather than the corporate treasury. Despite the sales, the company remains a net buyer, having acquired 85,296 BTC in the second quarter. As of July 5, the firm holds 843,775 BTC with an average purchase price of $75,476.

Financial reports for the quarter ending June 30, 2026, show a digital asset loss of $8.32 billion, primarily consisting of unrealized losses. The news contributed to a brief decline in Bitcoin's price and a drop in MicroStrategy's stock, which has fallen significantly from its record high. Analysts from Grayscale and Bitrue Research Institute characterized the sale as a stabilizing move that reduces forced-selling risks and restores confidence in the company's financing structure.