Strategy Authorizes $1.25Bn BTC Sale in New Monetization Plan

In Bitcoin news today, Strategy (MSTR), Michael Saylor’s corporate Bitcoin treasury firm, disclosed in a June 29 SEC filing that it may sell up to $1.25Bn worth of Bitcoin, the most explicit signal yet that the company’s long-held accumulation model is giving way to active balance-sheet management.

This disclosure dropped as Bitcoin continues to struggle to reclaim $60,000, currently trading for $59,150, down -1% in the past 24 hours and nearly -6% on the week.

MSTR is trading at $92.68 today, down -41% over the past month, while STRC is at $83.67, up +12% on the day but still down -15.4% since the beginning of June.

Bitcoin News: What Strategy’s Bitcoin Monetization Program Actually Does

Strategy framed the potential sale under a newly announced Bitcoin Monetization Program, with sales to be executed “from time to time” depending on market conditions, capital needs, and other strategic considerations, according to the filing.

The proceeds would flow into the company’s cash reserve, currently sitting at approximately $2.55Bn, and cover preferred stock dividends, interest payments, and other corporate obligations.

The company’s annual preferred dividend and interest burden runs at roughly $1.76Bn, according to research context from the filing period. Combined, the $2.55Bn cash reserve and the $1.25Bn Bitcoin sale authorization provide approximately 25.9 months of coverage against those obligations.

The board has set a minimum coverage floor of 12 months; dropping below that threshold requires explicit board approval before any drawdown from reserves. Alongside the Bitcoin sale disclosure, Strategy authorized two separate $1Bn share repurchase programs.

This includes one for its Class A common stock and one for its Digital Credit Securities, which is the company’s umbrella term for its various series of preferred stock.

(SOURCE: Yahoo Finance)

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The mNAV Problem: Why the Flywheel Has Stalled

The more structurally significant data point in this story is the collapse of Strategy’s mNAV, a valuation metric that compares the company’s enterprise value to the total market value of its Bitcoin holdings. On June 27, Strategy’s mNAV fell below 1.0 for the first time in a meaningful stretch, according to data cited across multiple market trackers.

When mNAV sits above 1, Strategy can issue new shares at a premium to net Bitcoin value, use the proceeds to buy more Bitcoin, and effectively manufacture Bitcoin-per-share accretion, a self-reinforcing mechanism Saylor built the entire capital strategy around.

Below 1, that flywheel reverses: new equity dilutes rather than accrues, debt markets become more expensive to access, and direct Bitcoin monetization moves from a last resort to a rational tool.

This is not the company’s first Bitcoin sale. Strategy sold a small tranche of Bitcoin on June 1, a move that drew immediate market attention given the company’s previous “never sell” reputation. The June 29 filing scales that posture into an authorized program.

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Peter Schiff Says the Model Has Inverted

"The significance for Bitcoin is that Saylor basically just surrendered. Strategy has gone from the biggest buyer to the biggest seller"

Peter Schiff on why Strategy turning seller flips the entire Bitcoin market

"He can hide and say we're still a net buyer. He's not. He's… https://t.co/uW64ieUZQE pic.twitter.com/hzVP33CkD8

— The Wolf Of All Streets (@scottmelker) June 29, 2026

In other Bitcoin news, longtime BTC critic Peter Schiff responded to the June 29 filing by declaring Strategy was “now a Bitcoin seller” in a post on X. Following the June 1 sale, Schiff had written: “What Saylor giveth, Saylor taketh away”.

Schiff argued that Strategy’s aggressive accumulation helped inflate the Bitcoin price during the bull run, and that any sustained selling would reverse that dynamic.

Saylor and CEO Phong Le have framed the shift differently. Le has said Strategy will “sell Bitcoin when it is advantageous to the company,” with the choice between dividends, debt reduction, and reserve-building driven by what is most accretive to Bitcoin per share.

The board-level constraints, capping BTC sales to three specific uses and requiring a new board vote for anything outside them, are designed to signal that monetization will be rule-based rather than reactive.

Bitcoin retreated sharply from its late-2025 high of approximately $125,000, falling below $59,000 last week before the modest recovery to current levels.

How long Strategy’s mNAV remains sub-1, and how aggressively the company tests its new monetization playbook, will be the metrics worth watching in the weeks ahead.

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The post appeared first on 99Bitcoins.

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