Strategy, the company formerly known as MicroStrategy, just did something it almost never does: it sold Bitcoin. A lot of it, actually.

Between June 29 and July 5, 2026, Strategy sold 3,588 BTC for roughly $216 million. That is the company’s largest single disposal of Bitcoin since it started stacking the asset back in 2020.

The sales were executed at average prices of $59,256 and $60,773 per Bitcoin, both well below the company’s average cost basis of $75,476 per coin.

Why Strategy sold, and what it is trying to accomplish

The $216 million went primarily toward funding dividends on Strategy’s suite of preferred securities, which includes instruments labeled STRC, STRF, STRE, STRK, and STRD.

The sale completed the final condition in a three-step plan tied to a potential credit rating upgrade from S&P Global. S&P assigned Strategy a ‘B-‘ rating back in October 2025. An upgrade would lower borrowing costs and signal improved financial discipline to institutional investors.

Strategy also made a significant debt management move in May 2026, repurchasing $1.5 billion in convertible notes, which brought total debt down from $8.2 billion to $6.7 billion.

After the sale, Strategy’s cash reserves were rebuilt to $2.55 billion.

The numbers that matter for investors

Strategy still holds 843,775 BTC following the sale.

The company also reported an $8.32 billion digital asset impairment charge linked to Q2 losses. Under current accounting rules, companies must mark down crypto holdings when prices fall but cannot mark them back up when prices recover. That impairment does not mean the Bitcoin is gone, but it does hit reported earnings hard.

What investors should watch now is whether S&P actually follows through with the upgrade. Completing the three-step plan does not guarantee an improved rating. If the upgrade materializes, Strategy gains access to cheaper capital. If S&P holds the rating steady or downgrades, the rationale for selling Bitcoin at a loss looks considerably worse in hindsight.