Saylor’s Strategy Authorizes Bitcoin Sales to Fund Dividends, Buybacks and Cash Reserve

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• Strategy has approved a formal Bitcoin monetization framework allowing BTC sales under specific Board-authorized conditions.
• The company launched two $1 billion share repurchase programs covering preferred securities and Class A common stock.
• A new $2.55 billion USD Reserve policy has been established to support dividend and interest obligations.
• STRC’s annual dividend rate will increase to 12.00% beginning July 1, 2026.
• Strategy continues to hold 847,363 BTC with no additional Bitcoin purchases during the week ended June 28, 2026.

Strategy Introduces Permanent Bitcoin Monetization Framework

Strategy has formally established a comprehensive capital allocation framework that authorizes future Bitcoin sales under defined circumstances, representing a significant evolution in the company’s treasury management strategy. The new Digital Credit Capital Framework was disclosed in a Form 8-K filed with the U.S. Securities and Exchange Commission (SEC) on June 29, 2026.

The announcement follows Strategy’s sale of 32 BTC in late May 2026, its first standalone Bitcoin disposal in years. The transaction marked a notable departure from Executive Chairman Michael Saylor’s long-standing “never sell” philosophy and signaled that the company was adopting a more flexible treasury approach while maintaining its long-term commitment to Bitcoin.

Under the Board-approved authorization, Strategy may monetize Bitcoin for three defined purposes. First, the company may generate up to $1.25 billion to strengthen its U.S. dollar reserve. Second, Bitcoin sales may fund preferred stock dividends and interest payments when management determines that selling BTC is more efficient than issuing additional Class A shares or raising capital through other financing methods. Third, Bitcoin may be sold to finance repurchases of preferred securities and common stock, including associated transaction costs.

Strategy emphasized that any Bitcoin sale outside these approved categories would require additional Board approval. The authorization has no expiration date and does not obligate the company to sell Bitcoin.

Company Approves $2 Billion Repurchase Programs and New Reserve Policy

Alongside the Bitcoin monetization framework, Strategy authorized two separate share repurchase programs totaling $2 billion.

• Up to $1 billion for repurchases of Digital Credit Securities, including STRC, STRF, STRK and STRD preferred shares.
• Up to $1 billion for repurchases of Class A common stock.

The company clarified that neither repurchase authorization will be funded directly from its USD Reserve. Instead, any Bitcoin-funded buybacks would be executed through the newly approved monetization framework.

Strategy also adopted a formal U.S. dollar reserve policy requiring management to maintain sufficient liquidity to cover at least 12 months of expected preferred stock dividend payments and interest obligations. As of June 28, 2026, the reserve totaled approximately $2.55 billion, including proceeds from unsettled at-the-market (ATM) equity offerings. The reserve may be replenished through future Bitcoin monetization or additional capital market transactions.

Dividend Policy Revised While Bitcoin Holdings Remain Unchanged

As part of the broader capital framework, Strategy revised the dividend methodology for its Variable Rate Series A Perpetual Stretch Preferred Stock (STRC). Rather than following a fixed formula, management will now review the dividend rate each month based on factors including STRC trading performance, prevailing market yields, Bitcoin price volatility, credit spreads, reserve coverage and broader capital market conditions.

The company simultaneously announced that STRC’s annual dividend rate will increase to 12.00% for dividend periods beginning July 1, 2026.

Despite authorizing future Bitcoin sales, Strategy did not purchase additional BTC during the week ended June 28, 2026. The company continues to hold 847,363 BTC, acquired for an aggregate purchase cost of approximately $64.10 billion, representing an average purchase price of $75,651 per Bitcoin.

During the same reporting period, Strategy raised approximately $1.15 billion through the sale of 12.67 million MSTR shares under its at-the-market equity offering program.

The latest framework formalizes a treasury strategy that combines long-term Bitcoin ownership with greater financial flexibility. While Strategy continues to maintain the world’s largest publicly disclosed corporate Bitcoin treasury, the new policy provides a permanent mechanism for using Bitcoin to support reserves, shareholder returns and capital management when deemed appropriate by the Board.

Bitcoin Price Market and Marketcap

At the time of writing (12:00 PM UTC), Bitcoin (BTC) is trading at $59,753. Over the past 24 hours, BTC is down 0.84%, indicating mild intraday selling pressure. On a weekly basis, Bitcoin has declined 7.51%, reflecting sustained bearish momentum. Traders remain focused on whether BTC can hold key support levels or see further downside in the near term.