Strategy Unveils Framework Allowing Up to $1.25 Billion in Bitcoin Sales

Michael Saylor has long tied Strategy's identity to a simple mantra: buy Bitcoin and don't sell. That stance now comes with a formal carve-out. On June 29, 2026, Strategy Inc. (formerly MicroStrategy) said its board approved a new policy dubbed the "Digital Credit Capital Framework," authorizing the company to sell up to $1.25 billion worth of Bitcoin. It marks the first structured, board-sanctioned program for Bitcoin disposals. Strategy said it still holds more than 845,000 BTC and continues to target 1 million BTC by the end of 2026. The framework is intended to provide roughly 12 months of liquidity to cover preferred stock dividends and interest costs, fund share repurchases of up to $1 billion each for common and preferred stock, and give management added flexibility if issuing equity becomes costly or difficult. The company had already begun using a similar playbook. It sold $2.5 million in Bitcoin in June 2026, then moved $135 million shortly after the framework took effect. Investors welcomed the added clarity. Strategy shares rose about 13% on the announcement day, the biggest single-day gain in four months. With preferred holders paid ahead of common shareholders, the company's decision to formalize a controlled mechanism for selling Bitcoin signaled a plan to meet funding needs without relying solely on equity markets. For investors tracking corporate Bitcoin strategies more broadly, the open question is whether the $1.25 billion authorization is a hard cap or the first step. Preferred obligations are recurring, equity markets can remain restrictive, and Strategy's 1 million BTC target implies continued buying. That combination sets up a scenario where the company could end up both buying and selling Bitcoin, shifting week to week based on market conditions and financing requirements.