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Bitcoin (BTC) traded at $64,161.62 on Friday as Strategy signaled that Bitcoin sales could remain part of its capital strategy rather than an occasional exception. The shift arrives while BTC is struggling to break above its 50-day exponential moving average (EMA), adding another factor for traders assessing whether demand near $64,000 is strong enough to extend the latest recovery.
Strategy’s July 30 second-quarter results show that the company has already sold $218.4 million of Bitcoin in 2026. Management also indicated during its earnings call that future capital raises wouldn’t automatically flow entirely into BTC, with funds divided between Bitcoin and dollar reserves depending on financing needs and market conditions.
Strategy says it will continue selling Bitcoin and no longer allocate all new capital to BTC purchases
Strategy said during its Q2 earnings call that it will continue selling Bitcoin when advantageous to replenish its USD reserve, fund preferred dividends and interest… pic.twitter.com/vkz6KGDxK9
— Wu Blockchain (@WuBlockchain) July 31, 2026
Strategy’s BTC Monetization Program allows the company to sell Bitcoin to fund its dollar reserve, meet preferred dividend and interest payments, and finance share or digital-credit security repurchases.
The company reported a $3.75-billion reserve as of July 26, covering more than two years of preferred dividends and interest obligations. Strategy said its year-to-date Bitcoin sales have funded part of its preferred-stock dividend payments.
That marks a meaningful change in how investors can interpret Strategy’s treasury activity. For years, its public identity centered heavily on raising capital to accumulate Bitcoin. The latest framework gives management more flexibility to use BTC itself as a financing asset when cash requirements or market conditions make a sale attractive.
The scale still matters. Strategy held 843,775 BTC as of July 26, valued at $54.77 billion using a Bitcoin price of $64,915. Its $218.4 million in 2026 sales equal roughly 0.4% of that reported Bitcoin position.
Strategy’s reported sales remain too small relative to its holdings to represent a major source of immediate spot supply. The policy change still matters because the company can now use Bitcoin sales alongside capital raises when managing its liquidity and financing obligations.
BTC traded below its 50-day exponential moving average (EMA) at $64,921 on Friday, while the 200-day EMA stood at $73,492. That leaves the 50-day EMA as the nearest technical hurdle, with the 200-day EMA still more than $9,000 above the current price.
Momentum indicators remain neutral to slightly soft. On the four-hour chart, the relative strength index (RSI) stands near 45.6, below the 50 midpoint but still well above oversold territory, while the daily RSI is close to 49.1.
On the daily chart, the moving average convergence/divergence (MACD) line is near 147.8, below the signal line at about 256.5, with the histogram at roughly minus 108.7. The readings point to fading upside momentum rather than a decisive bearish breakdown, leaving Bitcoin without a strong directional signal near current levels.
The first test for buyers remains the $64,900-$65,000 region. A sustained move above that area would reopen the June 3 high near $67,516. Failure to reclaim the 50-day EMA would keep the July 6 low around $61,307 in focus, followed by the June 25 low near $58,115.
Strategy’s selling policy does not provide a standalone bearish signal for Bitcoin, but future capital raises can now be divided between BTC purchases and dollar reserves rather than flowing entirely into Bitcoin. As of July 26, Strategy still held 843,775 BTC against a reported original cost basis of $63.69 billion.
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