Strategy Starts Structured Bitcoin Monetization to Fund Large Preferred Dividends

Overview

• Strategy announced a formal monetization program and sold 3,588 BTC for about $216 million to boost USD reserves and fund dividend obligations.
• The company says its USD reserve stands at roughly $2.55 billion, which it says covers more than a year of payments for its perpetual preferred security STRC.
• STRC, a roughly $10 billion notional preferred with a near 12% coupon, plunged from $100 par to an intraday low of $71.25 on June 26 and has since traded nearer to $90, creating pressure on Strategy to secure cash.
• Analysts are split on the change in Strategy’s policy: Standard Chartered frames recent market turmoil as a company communication problem and retains a $100,000 end‑2026 Bitcoin target, while others warn that formalized sales can create two‑way selling risk.
• The shift matters because Strategy holds about 844,000 BTC (roughly 4% of supply), so its scheduled monetization and dividend funding could continue to influence Bitcoin liquidity and price moves in the near term.