Strategy trims holdings again, quarterly Bitcoin yield turns negative
Macro & Markets ·
The company disclosed a fresh reduction in its Bitcoin stack, marking a second straight quarter of net selling rather than accumulation.
Strategy offloaded 1,638 BTC, worth roughly $102.33M, during its most recent reporting period, bringing its total holdings down from 843,775 BTC to 842,138 BTC. The sale marks a departure from the firm's long-running pattern of steady accumulation, which has defined its balance-sheet strategy for years.
Looking at the broader quarterly picture, the company's net Bitcoin activity now sits at -3,862 BTC, meaning it has disposed of nearly 3,862 more coins than it has purchased since the quarter began. That shift has pushed its Bitcoin yield metric, a figure the company has historically used to showcase per-share accumulation, into negative territory at -4.6%.
Despite the drawdown, Strategy's position remains substantial. The firm still controls 4.01% of the entire circulating Bitcoin supply, with its reserve valued at approximately $52.61B at current prices. The scale of the holding means even a comparatively modest sale translates into a meaningful dollar figure and a notable shift in the market narrative around the company's accumulation strategy.
The disclosure follows separate on-chain observations that Strategy has been moving Bitcoin into a wallet linked to over-the-counter trading desks, a pattern flagged roughly 11 hours ago and interpreted as preparation for potential further sales. Taken together, the wallet movement and the reported quarterly figures point toward a period of net distribution rather than the buying binges the firm has been associated with in the past.
What remains unclear is whether this quarter's negative yield represents a one-off adjustment or the start of a sustained shift in strategy. It is also not yet established how much of the OTC-linked wallet activity has resulted in completed sales versus preparatory transfers, or what triggered the timing of the reduction. Further reporting periods will show whether the negative yield persists or reverses.