Francesco Campisi15h ago

Strategy Authorizes Up to $1.25 Billion in Bitcoin Sales, Ending Four-Year ‘Never Sell’ Policy

AI Market Summary

Strategy's authorization to sell up to $1.25B of BTC (~20,000 BTC) ends its four-year "never sell" posture and signals stress in the equity-to-BTC "flywheel" as mNAV slips below 1.0x. While MSTR initially rallied on improved liquidity planning, the key market risk is reflexivity: BTC weakness can force further sales, amplifying downside amid record June 2026 spot-ETF outflows.

Impact level

● High

Affected assets

BTC/USDT+3.55%

AI Insight · BTC/USDTAI Insight

▼ Bearish

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Strategy authorized bitcoin sales of up to $1.25 billion on June 29, 2026, marking the end of four years of an absolute “never sell” stance. The decision was formalized under a Digital Credit Capital Framework and signals a shift in how Michael Saylor’s firm plans to manage its balance sheet. The move came as mNAV fell below 1.0x, pressuring the company’s long-running treasury model.

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