Strategy Sells 3.588 Bitcoin and Announces New Capital Framework

Strategy announced a new capital framework on June 29 and revealed that it sold 3.588 Bitcoin. The company holds the largest Bitcoin reserve among publicly traded companies, with 843,775 Bitcoin. The value of these assets exceeds $54 billion. The new structure allows for Bitcoin sales to finance preferred stock dividends and strengthen cash reserves. Talos strategy chief Drew Forman noted that the discussion is no longer limited to Bitcoin acquisition but focuses on how these positions are financed. However, some analysts argue that this financing architecture carries risks. New Constructs CEO David Trainer stated that the company's valuation is based on its Bitcoin position, which has been expanded through debt and preferred stock. As of May 2026, Strategy has $6.7 billion in convertible bonds and $15.5 billion in preferred stock. The discussions also bring up the company's past accounting crisis, raising questions about whether the Bitcoin strategy can withstand long-term market pressures.

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