MicroStrategy Unveils Bitcoin Monetization Plan, Drops "Never Sell" Stance

Strategy Inc. has formally reversed a core pillar of its Bitcoin playbook. On June 29, the company introduced a Digital Credit Capital Framework that explicitly allows Bitcoin sales from its corporate treasury, ending the long-running "never sell" position tied to Michael Saylor's accumulation strategy. Under the new framework, Strategy can sell up to $1.25 billion of Bitcoin through a newly established monetization program. It also approved up to $2 billion in repurchases, split evenly between $1 billion of Digital Credit Securities and $1 billion of Class A common stock. MSTR shares reacted positively, rising nearly 78% in premarket trading. Strategy said it currently holds about 847,363 BTC, purchased at an average cost of roughly $75,651 per coin. Its USD Reserve stands at approximately $2.55 billion. Including the $1.25 billion Bitcoin monetization authorization, the company estimates about 25.9 months of liquidity coverage. That runway matters given preferred dividends and interest expenses of about $1.76 billion per year. The pivot follows a small but notable precedent. In late May 2026, Strategy sold 32 BTC for around $2.5 million, its first Bitcoin sale since 2022. The transaction now reads as an early test ahead of the broader policy shift. Management framed the change as "dynamic capital allocation" after funding Bitcoin purchases through aggressive issuance of convertible notes, preferred stock, and other instruments that carry the $1.76 billion annual dividend and interest burden. The company said the objective is no longer simply maximizing total BTC held, but maximizing Bitcoin held per share while keeping sufficient liquidity to service preferred securities. That approach opens the door to selective Bitcoin sales to fund buybacks that could be accretive on a per-share basis even if total BTC declines. For investors, the $1 billion common stock buyback authorization is a key element. If Strategy sells Bitcoin into strength and repurchases its shares at a discount to net asset value, it could raise the Bitcoin-per-share ratio, leaving each remaining share backed by a larger portion of the company's Bitcoin holdings. Two metrics are likely to matter most going forward: the Bitcoin-per-share ratio, now the stated optimization target, and the speed at which the $1.25 billion monetization authorization is deployed.