Strategy Inc. has officially ended its "never sell" Bitcoin policy. The company announced a Digital Credit Capital Framework on June 29, formally permitting the sale of Bitcoin from its corporate treasury.
The framework authorizes up to $1.25 billion in Bitcoin sales through a new monetization program. It also approves $2 billion in total repurchases, split between Digital Credit Securities and Class A common stock. MSTR shares rose nearly 7-8% in pre-market trading following the announcement.
Strategy currently holds approximately 847,363 BTC, acquired at an average cost of about $75,651 per coin. The company's USD Reserve stands at roughly $2.55 billion. Combined with the sales authorization, Strategy reports approximately 25.9 months of liquidity coverage, a critical buffer given its annual dividend and interest obligations of about $1.76 billion.
This shift follows a small, precedent-setting sale in late May 2026, when Strategy sold 32 BTC for about $2.5 million.
Founder Michael Saylor and CEO Phong Le described the change as "dynamic capital allocation." The goal is now to maximize Bitcoin holdings per share, not just the total amount held. This means buybacks funded by selective Bitcoin sales could be accretive to per-share value.
For investors, the $1 billion common stock buyback authorization is key. If Strategy sells Bitcoin at high prices and repurchases its own shares at a discount to net asset value, the Bitcoin-per-share ratio could increase.