Strategy has realized more than $102 million in losses from its 2026 bitcoin sales, selling below its average purchase price to fund dividend and buyback obligations. The company has now sold bitcoin at least four times over the last couple of years, each time taking a hit on its cost basis.
Why the sales happened
The sales are tied to shareholder obligations. Strategy has been using bitcoin sales to cover dividend payments and share buybacks, a practice that requires liquidating part of its holdings even when the market price sits below what the company originally paid.
The cost of selling
The losses add up. More than $102 million in realized losses so far in 2026, all from selling bitcoin at a price below the average purchase price. That's a real dent, and it's not the first time the company has eaten a loss on a sale.
A pattern of selling
This isn't a one-off. Strategy has sold bitcoin at least four times over the last couple of years. Each sale was meant to meet the same kind of obligations, and each one came with a realized loss. The company hasn't said when it might sell again, but the pattern is clear.
