Strategy, the company that turned “buy Bitcoin and never sell” into a corporate identity, just sold some Bitcoin.

The firm reduced its holdings by 3,588 BTC across two transactions, bringing its total stash down from 847,363 BTC to 843,775 BTC.

What happened

The sales broke down into two chunks. On June 30, Strategy offloaded 1,363 BTC. Then on July 6, a larger sale of 2,225 BTC followed.

Strategy’s average acquisition price sits at roughly $75,476 per BTC, putting its total cost basis at approximately $63.7 billion. With Bitcoin trading in the $59,000 to $67,000 range during this period, the company is sitting on significant unrealized losses across much of its portfolio.

The company reportedly executed these sales to meet obligations including preferred stock dividends and to test its asset management processes. Executives have framed the moves as strategic exploration of market dynamics and potential tax-loss harvesting opportunities, not a philosophical reversal.

The mNAV problem

Strategy’s enterprise value briefly dipped below the market value of its Bitcoin holdings in late June, producing a mNAV ratio of approximately 0.99. That’s a first for the company, and it matters a lot.

The mNAV ratio, which compares the company’s market cap to the net asset value of its Bitcoin, has historically traded well above 1.0. A ratio below 1.0 means the market is valuing the company at less than its Bitcoin is worth, which essentially says investors see the corporate wrapper as a liability rather than an asset.

Just weeks before the sales, Strategy was still in full accumulation mode. In April 2026, the firm acquired over 34,000 BTC in a single week, one of its most aggressive purchasing sprints ever. The pivot from historic buyer to first-time seller happened in roughly two months.

A shift in the corporate Bitcoin playbook

The company also conducted at least one smaller test transaction, selling 32 BTC for approximately $2.5 million. That particular sale was reportedly tied to testing strategic processes rather than raising meaningful capital. But it demonstrates that the infrastructure for liquidation is now operational.

What this means for investors

The immediate risk for Strategy shareholders is straightforward. If Bitcoin continues trading below the company’s average cost basis of $75,476, further sales become increasingly likely. Each sale realized at current prices crystallizes losses and reduces the total Bitcoin position that underpins the equity’s value proposition.

The tax-loss harvesting angle is worth watching closely. If Strategy is strategically realizing losses to offset gains elsewhere in its financial structure, future sales could follow a pattern tied to accounting windows rather than market conditions.

Traders should monitor two things going forward: the cadence of any additional sales, and whether the mNAV ratio recovers above 1.0. If Strategy continues trimming while trading at a discount to its Bitcoin, it could trigger a negative feedback loop where sales confirm bearish sentiment, which pushes the stock lower, which necessitates more sales.