Karla Barker 
Strategy, formerly known as MicroStrategy, sold a small portion of its Bitcoin holdings in late June and early July, marking the second time the company has broken its famous “never sell” promise. The sale involved 3,588 Bitcoin for roughly $216 million, with proceeds used to fund dividend obligations on preferred stock. While the sale is relatively minor compared to Strategy’s total holdings of over 843,000 Bitcoin, it signals a shift in the company’s business model.
The move has divided opinion among investors. A Cryptopolitan poll of informed readers shows about a third still view Strategy as the most disciplined Bitcoin treasury. Another quarter say they are not invested in any treasury companies. Nearly 23% say the sale breaks the original pitch, and 20% now prefer smaller alternatives.
The Background of Strategy’s Bitcoin Treasury
Strategy made its first Bitcoin purchase in August 2020. Founder Michael Saylor positioned the company as a publicly traded Bitcoin holding vehicle. The core pitch was simple: buy Bitcoin and never sell. This approach inspired other companies, leading to 181 public companies now holding Bitcoin on their balance sheets, representing over 6% of the total supply.
However, the dividend obligations on Strategy’s preferred shares forced a change. The STRC perpetual preferred share pays a 12% annual dividend in cash twice a month. The company’s software business does not generate enough cash to cover this, so selling Bitcoin became the cleanest option.
Reader Sentiment and Market Implications
The poll results show a fractured audience. The leading answer, at 33%, maintains that Strategy is still the most disciplined treasury. A significant 23% say they are not invested in any of these names. Those who feel the “never sell” pitch is broken account for 23%, while 20% prefer smaller competitors like Strive or ABTC.
The sale has turned Strategy into what some describe as a “levered Bitcoin ETF” wrapped inside a finance company. The new “$BTC Monetization Program” framework allows for up to $1.25 billion in sales. This means future dividend payments will likely continue, making Bitcoin sales a permanent feature of the company’s operations.
What Comes Next
The “never sell” era is over. Strategy now operates as a “volatility refinery,” using Bitcoin’s volatility to generate fixed-income yield for preferred shareholders while common stock holders absorb leverage and upside. Whether the market accepts this reframing remains uncertain. If Bitcoin prices rise, the sales may be a footnote. If prices stagnate or fall, they could become a problematic pattern.