Bitcoin treasury company Strategy sold approximately $466.7 million worth of MSTR shares last week, according to an 8-K filing with the Securities and Exchange Commission on Monday.
The firm sold 4,818,781 MSTR shares between July 6 and July 12 but did not buy or sell any bitcoin during the period.
Proceeds boosted Strategy’s USD reserve by $450 million to $3 billion as of July 12.
Holdings and paper losses
Strategy retained its bitcoin holdings at 843,775 BTC, worth around $53 billion, bought at an average price of $75,476 per coin for a total cost of roughly $63.7 billion including fees.
Those holdings equal about 4% of bitcoin’s 21 million supply cap but carry around $10.7 billion in paper losses at current prices.
Bitcoin traded flat near $63,000 immediately after the filing, while MSTR shares slipped 2.6% in pre-market trading.
Saylor’s cryptic signals
Co-founder and Executive Chairman Michael Saylor posted a Strategy bitcoin tracker chart to X on Sunday captioned “Orange dots tell only part of the story.”
His Sunday posts have historically telegraphed acquisitions, but recent captions have grown murkier as the firm’s approach shifted.
A July 5 post preceded the sale of 3,588 BTC for $216 million, the largest sale in Strategy’s history.
Gabe Selby, Head of Research at CF Benchmarks, said near-term solvency is not in question but warned about recurring sales:
“The concern begins when selling bitcoin stops being a choice and becomes a recurring requirement for maintaining the capital structure.”
Analyst outlook
Strategy’s stock fell 6.5% last week, closing Friday at $94.64, while bitcoin gained 1.7%.
Standard Chartered kept its end-2026 bitcoin forecast of $100,000, calling the selloff a communication problem rather than a solvency one.
