Strategy is reviewing the possibility of selling Bitcoin to fund dividends after a sharp price decline, challenging the company’s long-standing accumulation model. At the same time, several large Canadian institutions hold sizable positions in MSTR stock, linking retirement and banking capital to Strategy’s Bitcoin strategy.
Bitcoin Position Below Average Cost
Strategy held 843,775 BTC as of July 2026, acquired at an average price of approximately $75,476 each. With Bitcoin trading at $64,667.49 on Binance, the position sits below its average acquisition cost. The company has financed further purchases through common stock and high-yield preferred share issuance, giving investors Bitcoin-linked exposure through MSTR but also adding corporate financing and dilution risks.
Those pressures became more visible after Bitcoin’s decline. Strategy is considering Bitcoin sales to help fund dividends following a 23.8% price drop in the first quarter and a reported $12.5 billion loss. A sale would mark a significant shift from Strategy’s established approach of continued accumulation.
Canadian Institutions Build Large MSTR Positions
AIMCo, overseeing about $195 billion for Alberta pensions, disclosed 1.38 million MSTR shares worth about $219 million. The Canada Pension Plan Investment Board opened a 393,322-share position valued near $127 million. Healthcare of Ontario Pension Plan disclosed an MSTR holding worth about $31 million.
Canadian banks also hold sizable stakes: National Bank of Canada owns nearly 1.47 million shares valued near $273 million, and Royal Bank of Canada expanded its position to around $230 million.
These holdings give institutions exposure to Strategy’s Bitcoin position through public equity rather than direct Bitcoin ownership, but also carry risks tied to share issuance, preferred financing, corporate decisions, and Bitcoin price movements.
Bitcoin Buying Continues Despite Weak Sentiment
The wider Bitcoin market shows another form of accumulation. Binance data indicates clients bought 19,900 BTC worth about $1.3 billion in one day while the Fear & Greed Index remained in fear territory. Binance Co-CEO Richard Teng expressed long-term confidence, stating, “Every time people say that bitcoin is dead, that’s the time that I’ll go all in.”
For Strategy, the next financing decision could affect MSTR holders directly. The upcoming quarterly 13F filing will show whether major institutions add, maintain, or reduce their positions.
Also Read: Crypto News Today: Bitcoin Outflow, Aave RWA Hub, Strategy Buybacks
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies are risky and may result in total loss of investment. Always conduct your own research before investing.
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