Strategy adopts new buying and selling approach for Bitcoin

Michael Saylor built his reputation on one rule: buy Bitcoin, never sell. That rule now has an asterisk.

On June 29, 2026, Strategy Inc., the company formerly known as MicroStrategy, announced what it calls the “Digital Credit Capital Framework,” a new policy that formally authorizes the sale of up to $1.25 billion in Bitcoin. It is the first time the company’s board has approved selling Bitcoin in any structured capacity.

What the new framework actually does

Strategy still holds over 845,000 BTC and is targeting 1 million BTC by the end of 2026. The new framework is designed to generate liquidity for about 12 months of preferred stock dividends and interest payments, cover share buybacks of up to $1 billion each for common and preferred shares, and give management flexibility when equity issuance becomes difficult or expensive.

The company had already tested this approach before the formal announcement. It sold $2.5 million in Bitcoin in June 2026, then moved $135 million shortly after the framework became official.

Why the market actually liked this

Strategy’s shares rose roughly 13% on the day of the announcement, the largest single-day gain in four months. Preferred stock holders get paid before common shareholders. By creating a formal, board-approved mechanism to sell Bitcoin in a controlled way, management essentially told the market: we have a plan.

The broader implication for corporate Bitcoin holders

The key question for investors watching Strategy specifically is whether the $1.25 billion authorization is a ceiling or a starting point. The company’s preferred stock obligations are ongoing, equity markets can stay unfriendly for extended periods, and the target of reaching 1 million BTC means continued buying pressure on the other side of the ledger. That creates a situation where Strategy could be simultaneously buying and selling Bitcoin, using market conditions and financial needs to determine which direction it moves on any given week.

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