Crypto Biz: Bitcoin maximalism meets the realities of capital markets
For years, Michael Saylors Strategy built its brand around a simple mantra: Buy Bitcoin. Never sell. This week, that narrative changed. The company authorized up to $1.25 billion in Bitcoin sales under a new capital framework. At current prices, that equates to roughly 21,000 BTC that could eventually hit the market — a reminder that even Bitcoin‘s most committed corporate holder isn’t immune to the realities of capital management. This week‘s Crypto Biz explores how the digital asset industry is entering a more pragmatic phase, where ideological purity is giving way to financial discipline. It also examines the intensifying stablecoin race as issuers compete for reserve yield, Fidelitys latest defense of Bitcoins long-term security model and the crypto industry’s growing political influence ahead of the 2026 US midterm elections. Strategy authorizes $1.25 billion in Bitcoin sales to fund dividends, buybacks Strategy has authorized up to $1.25 billion in Bitcoin sales under a new capital framework that will fund shareholder dividends, bolster cash reserves and repurchase stock while preserving its long-term Bitcoin strategy. The companys new “Digital Credit Capital Framework” raises the annual dividend on its STRC preferred stock from 11.5% to 12%, establishes a formal Bitcoin monetization program and expands capital return initiatives through buybacks