Strategy expands Bitcoin sales plan to $5 billion after Q2 loss

Michael Saylor's Strategy has proposed a Bitcoin sales framework allowing up to $5 billion in releases across multiple capital programs. The company reported an $8.22 billion second-quarter net loss, a reversal from a $10.02 billion profit in the prior-year period, along with an $8.32 billion digital-asset loss driven primarily by Bitcoin's lower quarter-end valuation.

Strategy currently holds 843,775 BTC at an average cost of roughly $75,476 per coin, representing an aggregate purchase cost of about $63.69 billion. With Bitcoin trading near $63,047, the position sits below its aggregate cost basis. The proposed sales framework separates potential Bitcoin monetization into three categories: up to $1.25 billion toward dollar reserves, $1.76 billion for annual preferred dividends and debt interest, and $2 billion for common stock and digital credit repurchases.

Management emphasized that the $5 billion represents a maximum ceiling, not a committed amount. CEO Phong Le described it as based on current programs and market needs, meaning actual sales could remain below that level. Michael Saylor indicated the company wants flexibility when Bitcoin sales produce better outcomes than equity issuance.

Strategy has already begun selling. The company disposed of 3,588 BTC around the quarter's close and early July, receiving approximately $216 million from two disclosed blocks. Holdings fell from 847,363 BTC to 843,775 BTC. This shift marks a departure from Strategy's earlier accumulation-only messaging, though management still describes Bitcoin as its central treasury asset. The company now combines Bitcoin sales, equity issuance, and other capital options to maximize flexibility.