Strategy (NASDAQ:MSTR) filed an 8-K with the Securities and Exchange Commission yesterday that outlined the results of its planned sale of Bitcoin. Strategy is a Bitcoin proxy firm and the original DAT with a future directly tied to the price of Bitcoin.
According to the document, Strategy completed the following transactions:
June 29 – June 30: BTC Sold 1,363; Aggregate Sale Price $80.8 Million; Average Sale Price $59,256
As of June 30, 2026 Aggregate BTC Holdings 846,000; Aggregate Purchase Price $63.94 billion; Average Purchase Price $75,578
July 1, 2026 to July 5, 2026: BTC Sold 2,225; Aggregate Sale Price $135.2 million; Average Sale Price $60,773
As of July 5, 2026 Aggregate BTC Holdings 843,775; Aggregate Purchase Price $63.69 billion; Average Purchase Price $75,476
US Dollar reserves were reported at $2.55 billion.
Strategy said that for the three months ending on June 30, 2026, the company had experienced an $8.32 billion loss on digital assets. Strategy reported a $49.67 billion of digital asset carrying value.
“As of June 30, 2026, the cost basis of the bitcoin held by Strategy exceeded the fair value of its bitcoin holdings. As a result, Strategy will record a valuation allowance against its deferred tax benefit and deferred tax asset associated with the unrealized loss on its bitcoin during the quarter ended June 30, 2026, offsetting these amounts in full.”
As the price of Bitcoin drops in value, with BTC now trading around $60,000, Strategy’s mission is under pressure. The thesis has always been Bitcoin will rise over time, perhaps eventually being measured in the millions of dollars.
One investor posted on X predicting that shares of Strategy will rise dramatically when the next Bitcoin bull market arrives. Adam Livingston anticipates the following scenario:
“MSTR hit $534 on November 21, 2024. They had 331,200 Bitcoin. They now have 2.5x that with 843,775 Bitcoin. Back then they had 224.675M basic shares. Now they have 371.614M basic shares. Basic shares are up ~65%, but Bitcoin holdings are up ~155%. MSTR is going to smash through the all-time high in the next Bitcoin bull run.”
Today, shares of Strategy are trading at just under $100 .
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