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Strategy (MSTR) Breaks "Never Sell" Policy With Plan to Sell Up to $1.25 Billion in Bitcoin

Strategy's long-standing Bitcoin strategy is entering a new phase.
Financial trading screen displaying market charts and data visualizations, representing institutional finance and Bitcoin-related capital allocation decisions.

Strategy (NASDAQ: MSTR), formerly MicroStrategy, has introduced a new Digital Credit Capital Framework, authorizing the sale of up to €1.07 billion worth of Bitcoin to strengthen liquidity. The announcement marks the company's first formal departure from its long-standing buy-only Bitcoin strategy.


The change follows Strategy's first-ever Bitcoin sale at the end of May, when the company sold 32 BTC for approximately €2.1 million. Despite the policy shift, the company continues to hold approximately 843,738 BTC, with founder Michael Saylor reaffirming that Bitcoin remains Strategy's primary treasury reserve asset.


Alongside the framework, Strategy authorized up to €1.7 billion in share repurchases, increased the dividend on its STRC preferred shares to 12% annually, and confirmed that proceeds from future Bitcoin sales may be used to fund dividends, reduce debt, and support preferred share obligations. President and CEO Phong Le said the measures reflect the company's "continued focus on disciplined capital allocation."


The company also repurchased approximately €1.18 billion of its 2029 convertible notes at a discount, reducing total outstanding convertible debt from €7 billion to €5.7 billion. Following the announcement, Strategy shares gained roughly 12%, ending a nine-session losing streak as investors assessed the company's revised approach to liquidity and leverage.



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