Strategy, the largest corporate holder of Bitcoin, has sold $216 million of the cryptocurrency, signaling a departure from its co-founder Michael Saylor's "Never sell your Bitcoin" mantra. This move comes as a prolonged slump in the digital asset market impacts the company's stock performance.
This sale represents the company's largest Bitcoin disposition since it began accumulating its substantial holdings in 2020 and is only its third sale to date. The company is adopting a more flexible investment strategy, treating Bitcoin as a source of liquidity.
Strategy shares traded relatively flat on Monday, while Bitcoin experienced a 2% decline, falling to $62,296.83 per token. This price is considerably below the firm's average purchase price of approximately $75,000 per Bitcoin.
Lacie Zhang, a research analyst at Bitget Wallet, noted that the sale was not entirely unexpected, as Strategy had previously indicated the possibility of Bitcoin sales if necessary. "What matters more is that each actual sale weakens the ‘never sell’ perception around the Bitcoin treasury model and brings capital structure pressure back into focus," Zhang told The Post.
Formerly known as MicroStrategy, the company has adhered to an aggressive buying strategy focused on raising capital, acquiring Bitcoin, and holding it, which established its reputation as a leading "crypto-treasury" company. Under Saylor, who stepped down as CEO in 2022, this model encouraged cryptocurrency enthusiasts to invest in the company's shares with the expectation that Bitcoin's continued rise would amplify their returns.
However, the volatile market has shifted, leading to a 75% decrease in Strategy's stock price over the past year. "The market is finally forcing these companies to choose between holding their digital assets or keeping their investors happy with cash. They chose cash," William Stern, founder and chief executive of financial firm Cardiff, told The Post.
In the most recent fiscal quarter, Bitcoin's 14% decline resulted in an $8.32 billion loss on digital assets for Strategy. The company's market valuation has fallen to approximately $35 billion from a peak of around $128 billion last year. Prominent investors, including Peter Thiel, who has supported several crypto-treasury firms, have also been significantly affected by the market downturn.
According to Bitfinex analysts, June marked a record month for outflows from U.S. spot Bitcoin exchange-traded funds, with approximately $4.06 billion in net outflows, surpassing the previous record of $3.56 billion in February 2025.
Jake Kennis, senior research analyst at Nansen, observed that Strategy's recent sale has not yet triggered a widespread sell-off, suggesting a degree of market resilience. Nevertheless, Kennis cautioned, "that does not mean the overhang is gone. We still expect excess leverage and the broader DAT [Digital Asset Treasury] unwind to continue playing out, which could include further corporate selling."
Strategy's decision to sell Bitcoin could prompt individual investors to re-evaluate their own holdings. Analysts have warned of potential further declines in the cryptocurrency market as investors seek liquidity to invest in anticipated initial public offerings (IPOs) in the artificial intelligence sector. The IPO of SpaceX last month was the largest stock market debut on record, and analysts anticipate similar significant offerings from OpenAI and Anthropic later this year or in early 2027.