Strategy Sells Bitcoin for the First Time Since 2022, Ending Michael Saylor's 'Never Sell' Streak

Strategy, the company that popularized the corporate "bitcoin treasury" model under Executive Chairman Michael Saylor, sold Bitcoin for the first time since December 2022, offloading roughly $2.5 million worth of BTC — a token amount relative to its holdings, but symbolically significant given Saylor's long-standing "never sell" pledge.

The sale came as Strategy's enterprise mNAV — a measure of the company's total obligations relative to the value of its Bitcoin holdings — crossed below 1.0 for the first time, signaling that liabilities now exceed the value of its BTC stack at current prices. Strategy shares fell to $85.33 on June 26, their lowest level since February 2024, down roughly 47% over the preceding month.

Analysts are split on what the sale means. Some read it as a routine treasury adjustment; others see it as an early signal that Strategy's approach to its reserves is becoming more flexible under pressure. In a late-June announcement, the company unveiled a "Digital Credit Capital Framework" alongside a formal BTC monetization program, which Saylor described as designed to add "liquidity, discipline, and active capital management" around its various preferred-stock securities.

Saylor has publicly maintained that the company's goal is to "never be a net seller" of Bitcoin overall, arguing that future purchases will continue to outpace any sales made to fund dividend or debt obligations. Other treasury firms, including Bitmine and Strive, reportedly continued net buying through the same period.

Sources: CoinDesk, Yahoo Finance