Strategy has sold thousands of Bitcoin since introducing its BTC Monetization Program in June.

The program allows the company to sell BTC to fund dividends, replenish its cash reserve, and repurchase securities.

Here is why Strategy is selling Bitcoin and how much it has sold so far.

Since 2020, publicly traded technology company Strategy has spent billions of dollars buying Bitcoin. After years of its leadership saying it would never sell, the world's largest corporate holder of Bitcoin is now selling part of its stockpile.

Strategy's aggressive Bitcoin accumulation has become a model for other companies that want to add the cryptocurrency to their balance sheets. But the company began moving away from its strict buy-and-hold approach as market conditions worsened in 2026. Last week, Strategy sold 1,690 BTC for $108.6 million, according to its latest disclosure, extending a series of sales that began earlier this year.

In May, CEO Phong Le said Strategy could sell Bitcoin when doing so would benefit shareholders.

"At the point where selling Bitcoin versus selling equity to pay a dividend is better for our bitcoin-per-share, we will do it," Le told CNBC.

That metric — bitcoin-per-share — has been central to how Strategy frames its strategy to investors, positioning Bitcoin purchases as accretive to shareholders even as the company issues new shares and debt to fund them.

Executive Chairman Michael Saylor said Strategy could sell Bitcoin to fund dividends, while stressing that the company's goal was to "never be a net seller" of Bitcoin, rather than never sell at all.

"I'm very famous for saying 'never sell your Bitcoin.' That's why the internet went crazy when we said we might sell it," Saylor said in an interview on the David Lin podcast. "But if I was being more precise: never be a net seller of Bitcoin. It just wouldn't have been so viral."

The shift was also driven by STRC's falling share price. In May, Strategy's preferred stock fell below $100 per share, limiting the company's ability to issue new STRC shares and cutting off a source of capital it had used to finance Bitcoin purchases. Strategy responded by introducing a broader capital management framework that allowed it to sell Bitcoin, build its cash reserves, and repurchase preferred shares.

The company has since sold Bitcoin and used some of the proceeds to buy back STRC shares at a discount as it seeks to push the stock back toward $100.

Strategy Bitcoin sales so far

Since May, Strategy has sold 6,948 BTC for roughly $432.5 million, including 32 BTC for about $2.5 million that month, its first Bitcoin sale since 2022. The company has used the proceeds to fund payments on its preferred stock.

In late June, Strategy introduced its Digital Credit Capital Framework, formalizing when the company could sell Bitcoin.

The policy allows Strategy to sell up to $1.25 billion in Bitcoin to replenish its dollar reserve, which reached $4 billion as of August 2, and to fund dividends, interest payments, and share buybacks. The company's initial sale of 32 BTC took place before the framework was introduced and is excluded from the $1.25 billion sales cushion the company has set for itself.

Since June, Strategy has used the program more broadly, selling 3,588 BTC for roughly $216 million earlier this month. The company said the proceeds were used to fund preferred-stock dividends and replenish its cash reserve.

On August 3, Strategy reported the sale of another 1,638 BTC for $105 million in Bitcoin, with $52.4 million of the proceeds funding dividends on its preferred stock and $52.3 million used to repurchase STRC shares.

With its most recent sale, executed last week but reported on August 10, Strategy sold another 1,690 BTC for close to $109 million, with the proceeds going toward STRC buybacks.

The latest sale brought the company's total Bitcoin sold to 6,948 BTC, or about $432.5 million so far this year — less than 1% of the company's total holdings.

Despite the sales, Bitcoin remains Strategy's primary treasury asset, with the company currently holding more than 840,000 BTC, worth around $53.6 billion, according to its latest SEC filing on Monday.

Strategy's policy change gives it a choice between selling Bitcoin and issuing additional shares when it needs cash. While the company has long held a "never sell" ideology when it comes to Bitcoin, recent events show Strategy no longer treats those holdings as off limits. The company's shift is being closely watched by other public companies that have adopted or are considering similar Bitcoin treasury strategies.