Strategy, the firm formerly known as MicroStrategy, has adopted a new Digital Credit Capital Framework that authorizes up to $1.25 billion of Bitcoin sales, marking a notable change in its approach to treasury management. For the first time, Strategy has formally authorized the sale of part of its Bitcoin holdings under a new Bitcoin Monetization Program, moving beyond the company’s reputation as a relentless Bitcoin accumulator.
The program lets Strategy monetize a portion of its Bitcoin reserves to build a dedicated U.S. dollar pool, fund preferred stock dividends, handle interest payments, and support up to $2 billion in buybacks for both digital credits and common stock. That means Bitcoin is now being positioned not just as a core reserve asset, but also as a source of corporate liquidity for defined balance-sheet needs.
The move comes as spot Bitcoin ETFs have seen more than $4.1 billion in outflows in June, with the broader market still under some pressure. Strategy’s framework sets out a formal mechanism for turning part of its Bitcoin treasury into conventional liquidity when needed, rather than treating those holdings only as an asset to keep adding to or pledge against.