Strategy may sell $1.25B bitcoin under new framework

• Strategy (NASDAQ:MSTR) has launched a "Digital Credit Capital Framework," approving a programme that allows the firm to sell up to US$1.25 billion in Bitcoin (CRYPTO:BTC) to fund cash reserves, service preferred stock dividends on its Stretch (STRC) product, or repurchase common stock at management's discretion.
• Strategy's USD Reserve has been rebuilt to US$2.25 billion — enough to cover roughly 18 months of dividend obligations — while its shares rose 5% in pre-market trading to US$86.52 and Bitcoin traded around US$59,800, down 0.5% on the day, per CoinGecko.
• As the corporate bitcoin treasury model expands globally, firms face growing pressure from preferred stockholders, short sellers, and regulators scrutinising the sustainability of debt-and-equity-fuelled accumulation strategies.

Corporate Bitcoin accumulation is no longer a niche strategy led by a single firm — it has become a competitive capital-market discipline practised across multiple continents.

Strategy holds 847,363 BTC as of 22 June 2026, at an average cost of US$66,384 per coin for a total outlay of US$33.14 billion, making it the largest corporate Bitcoin holder by a wide margin, per BitcoinTreasuries.

Its new Digital Credit Capital Framework introduces "active capital management" as a formal principle, creating a model where Bitcoin can be sold to fund preferred dividends or buybacks when deemed appropriate.

"Strategy remains committed to Bitcoin as its primary treasury reserve asset. At the same time, Digital Credit requires liquidity, discipline, and active capital management,"

Executive Chairman Michael Saylor said.

The firm's USD Reserve stands at US$2.25 billion — sufficient to cover approximately 18 months of recurring dividend costs — according to the company.

Twenty One Capital (NYSE:XXI) was structured from inception as a Bitcoin treasury vehicle, completing its reverse merger with Cantor Equity Partners on 8 December 2025 and beginning NYSE trading the following day with approximately 43,514 BTC on its balance sheet, per company filings.

At current prices, XXI's Bitcoin holdings are valued at approximately US$3.16 billion, representing roughly 147% of the company's total market value, per BitcoinTreasuries.

Tether International has acquired SoftBank's stake in XXI, further concentrating the shareholder base around a long-term Bitcoin accumulation mandate, with SoftBank representatives stepping down from the board.

XXI's stated strategy mirrors Strategy's capital-markets accumulation model but extends into Bitcoin-native financial services including lending and credit, according to company filings.

Metaplanet (TSE:3350 / OTCQX:MTPLF) added 5,075 BTC in Q1 2026 for approximately US$398 million, bringing its total holdings to 40,177 BTC and overtaking MARA Holdings to become the third-largest corporate Bitcoin holder globally, per CoinDesk.

The Tokyo-listed firm has set a target of 100,000 BTC by end-2026, funding purchases through repeated zero-interest bond issuances — including a US$50 million bond in April 2026 fully subscribed by Cayman-based EVO Fund — as well as two classes of Bitcoin-linked perpetual preferred equity, MARS and MERCURY, per company filings.

Metaplanet reported a net loss of US$619 million for fiscal 2025, driven primarily by unrealised valuation declines on its Bitcoin stack, with an average acquisition cost of approximately US$104,106 per coin, per CoinDesk.

MARA Holdings (NASDAQ:MARA), originally a Bitcoin miner that retained mined BTC on its balance sheet, sold approximately 15,000 BTC for roughly US$1.1 billion as of June 2026, dropping it to fourth in the corporate Bitcoin holder rankings, per BitcoinTreasuries.

MARA posted a Q1 2026 net loss of US$1.3 billion on revenue of US$174.6 million — down 18.4% year-on-year — driven by an 18% decline in Bitcoin prices and reduced production, while its stock traded around US$14.00 as of 25 June 2026, per company filings and Investing.com.

The firm achieved a record hash rate of 72.2 exahashes per second in Q1 2026, up 33% year-on-year, and is pivoting toward digital infrastructure and high-performance computing for artificial intelligence applications, per company filings.

Coinbase Global (NASDAQ:COIN) holds 16,492 BTC on its own balance sheet as of 11 May 2026, valued at approximately US$1.4 billion, alongside custodying digital assets on behalf of institutional and retail clients, per BitcoinTreasuries.

Coinbase's Q4 2025 GAAP net loss of US$667 million was almost entirely attributable to a US$718 million non-cash unrealised markdown on its crypto investment portfolio, while adjusted net income was US$178 million and cash on hand stood at US$11.285 billion, per company filings.

Q1 2026 revenue fell 21% sequentially, with a reported US$1.49 loss per share against an expected US$0.27 profit, as crypto trading volumes contracted, per company filings.

From Metaplanet's zero-interest bond programme to MARA's balance-sheet reductions and Twenty One Capital's Tether-backed accumulation vehicle, each company is navigating the same core trade-off between Bitcoin per share growth and the cash demands of structured finance products.

Whether the "digital credit" model — using Bitcoin as collateral-adjacent capital — proves durable across a full market cycle remains the central, unanswered question for every company on this list.

At the time of reporting, Bitcoin price was $60,102.81.