Saylor Is Selling Bitcoin Again — This Time It's Different

Welcome to the Bitcoin Balance Sheet. Each Monday, we recap last week's key developments and share our publication's leading stories.

Last week saw Strategy execute a measured sale of Bitcoin to support its preferred stock obligations, SpaceX formally join the Nasdaq-100 as its third Bitcoin-holding constituent, and Strive adjust expectations around its SATA issuance policy. Smaller public companies continued incremental accumulation while one exited entirely. Here's what mattered.

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Strategy Sells 3,588 Bitcoin for $216 Million

Strategy Inc announced in its latest SEC filing that it sold 3,588 Bitcoin between June 29 and July 5, generating roughly $216 million. The proceeds funded dividend payments on preferred stock series, including STRC instruments, and helped replenish its USD reserve.

The sales broke down into two periods: 1,363 BTC for $80.8 million from June 29–30, and 2,225 BTC for $135.2 million from July 1–5. As of July 5, Strategy’s holdings stood at 843,775 BTC. Michael Saylor confirmed the transactions on X, noting they support dividend obligations while the company maintains a substantial $2.55 billion USD reserve alongside its Bitcoin position.

This fits Strategy’s previously announced BTC Monetization Program, which allows up to $1.25 billion in sales specifically for strengthening reserves to meet dividend and debt needs. It reflects a disciplined approach—addressing near-term cash flows without meaningfully eroding the core long-term treasury.

SpaceX to join Nasdaq-100, Becoming Index's Third Bitcoin Holder

SpaceX will join the Nasdaq-100 tomorrow, becoming the third company in the index with Bitcoin on its balance sheet alongside Tesla and Strategy. The rocket company holds 18,712 BTC according to its SEC filings, ranking it eighth among public companies overall.

This matters because the Nasdaq-100 serves as the backbone for countless 401(k)s, pensions, and passive vehicles like QQQ. Index inclusion means thousands of funds will now hold indirect Bitcoin exposure through SpaceX without ever making a deliberate allocation decision.

It's another step in Bitcoin's quiet institutional integration — most new holders today aren't buying spot BTC or ETFs directly, but gaining it via corporate balance sheets embedded in familiar indices

Strive Tells Investors Not to Assume Automatic SATA Issuance at $100

Strive chairman and CEO Matt Cole announced that investors should no longer assume automatic issuance of new SATA shares at $100, citing current market conditions the company does not view as normal. The company still targets $100 and long-term volatility minimization but will retain flexibility going forward.

SATA has traded below par since June 18, falling to a closing low of $83.53 on June 25 amid elevated volume and rising short interest. Borrow costs climbed sharply, reaching over 68% APR by month-end. Strive believes rigid, fully predictable issuance rules can inadvertently invite volatility rather than reduce it.

The policy shift prioritizes case-by-case evaluation based on short interest, borrow costs, and other data to better serve shareholders and SATA’s stability. Specific actions won’t be pre-announced, but the framework remains transparent. Cole described the feedback from investors as constructive.

A look at the leaderboard

Strategy sold 3,588 BTC to fund preferred stock dividends and replenish USD reserves, holding 843,775 BTC. Strive acquired an additional 17.76 BTC to reach 19,882 BTC. OranjeBTC added 8 BTC to its treasury. Hyperscale Data increased its holdings by 53.54 BTC to 780.48 BTC.

Smaller but consistent additions came from:

• Farmhouse +1 BTC → 9.209 BTC

• Vanadi Coffee +10 BTC → 223 BTC

• West Main Self Storage +0.17 BTC → 15.405 BTC

K Wave Media sold all of its remaining 88 BTC to repay debt and now holds 0 BTC. No other major sellers stood out this week.

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