Strategy holds 843,775 Bitcoin bought at an average cost near $75,476 per coin, a position now underwater as Bitcoin trades roughly 49% below its October 2025 high. Michael Saylor is weighing Bitcoin sales to fund dividends after a 23.8% price drop in Q1, even as Canadian pension funds keep adding MSTR stock. On-chain data also shows Strategy-linked wallets moved 3,568 BTC worth about $297 million in nine hours, transfers that do not yet confirm a sale.
Michael Saylor built Strategy into a company with a market capitalization of approximately $33.4 billion on a single principle: never sell Bitcoin. That doctrine is now under review after a price drop and mounting shareholder pressure, even as some of the largest pension funds in North America buy into the same playbook.
Bitcoin trades at $64,667.49 with a market cap of $1.3 trillion, according to Binance data, with the Fear and Greed Index reading 33. Binance clients bought 19.9K BTC worth $1.3 billion in the past day, absorbing coins even as the price drifts lower. The price sits approximately 49% below the October 2025 all-time high of $126,198.
A treasury underwater
Strategy holds 843,775 Bitcoin as of July 2026, bought at an average cost near $75,476 per coin — a $66.7 billion stash that now floats underwater. The company keeps issuing common stock and high-yield preferred shares to fund further purchases, and critics say the dilution shrinks per-share Bitcoin exposure with every offering — financing risk that spot ETFs do not carry.
Some U.S. state pension positions in MSTR printed paper losses above 60% during recent downturns, prompting boardroom questions about a leveraged Bitcoin proxy sitting in conservative retirement portfolios. Strategy is weighing Bitcoin sales to fund dividends after a 23.8% price drop in Q1. Saylor himself is eyeing potential Bitcoin sales after a $12.5 billion loss.
On-chain moves draw scrutiny
Strategy-linked wallets moved 3,568 BTC worth about $297 million within nine hours, according to on-chain data from Lookonchain attributed to Arkham Intelligence. The 11 transfers moved Bitcoin between wallets linked to Strategy rather than to exchanges such as Binance or Coinbase, and some addresses have also been linked to Fidelity custody, suggesting the transfers could involve custody management rather than a sale. Further transfers to exchange-linked addresses would provide more evidence of an actual sale.
Pension funds keep buying
Even as the "never sell" doctrine wavers, Canadian institutions keep adding MSTR exposure. AIMCo, which oversees $195 billion in Alberta pensions and endowments, disclosed a purchase of 1.38 million MSTR shares worth $219 million — its first Bitcoin-linked allocation. National Bank of Canada holds roughly 1.47 million shares valued near $273 million. Canada Pension Plan Investment Board opened a 393,322-share position worth around $127 million.
Binance Co-CEO Richard Teng told Reuters on July 9, 2026 that whenever people call bitcoin dead, "that's the time that I'll go all in." Teng remains optimistic about long-term adoption driven by corporate treasuries, pointing to a gap between institutional flows and the mood on Crypto Twitter.
Whether AIMCo and the other funds are early or late now depends on Strategy's next move, and on whether the wallet transfers turn out to be custody housekeeping or the start of a sale.
Sources: Finance Magnates, Coinpedia
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