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 traded at USD 64,667.49 on Binance, with a market capitalization near USD 1.3 trillion and a Fear & Greed Index reading of 33. The price sat about 49% below the October 2025 record of USD 126,198. Binance data also showed clients bought 19,900 BTC worth about USD 1.3 billion during the previous day.

Strategy’s market capitalization stands at about USD 33.4 billion. Its Bitcoin holdings remain central to its balance sheet, while Canadian positions connect several public and financial institutions to changes in MSTR’s market value.

Strategy’s Bitcoin Position Moves Below its Average Cost

Strategy held 843,775 BTC as of July 2026, according to the supplied figures. The company acquired those coins at an average price near USD 75,476 each. With Bitcoin trading below that level, the position sits below its average acquisition cost.

The company has financed further purchases through common stock and high-yield preferred share issuance. That structure gives investors Bitcoin-linked exposure through Strategy shares. It also adds corporate financing and dilution risks that direct spot Bitcoin ownership avoids.

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 USD 12.5 billion loss.

A sale would change a major feature of Strategy’s established approach. The company built its Bitcoin policy around continued accumulation, while investors used MSTR as an equity-based route to gain exposure to that strategy.

Canadian Institutions Build Large MSTR Positions

AIMCo oversees about USD 195 billion for Alberta pensions, endowments, and the Heritage Savings Trust Fund. It disclosed 1.38 million MSTR shares worth about USD 219 million. The supplied information describes the purchase as AIMCo’s first Bitcoin-linked allocation.

The Canada Pension Plan Investment Board also opened a 393,322-share position valued near USD 127 million. Healthcare of Ontario Pension Plan disclosed an MSTR holding worth about USD 31 million, adding another pension-linked position.

Canadian banks also hold sizable stakes. National Bank of Canada owns nearly 1.47 million shares valued near USD 273 million. Royal Bank of Canada expanded its position to around USD 230 million.

These holdings give the institutions exposure to Strategy’s Bitcoin position through public equity rather than direct Bitcoin ownership. MSTR also carries risks tied to share issuance, preferred financing, corporate decisions, and Bitcoin price movements.

Also Read: Crypto News Today: Bitcoin Outflow, Aave RWA Hub, Strategy Buybacks

Bitcoin Buying Continues as Sentiment Stays Weak

The wider Bitcoin market shows another form of accumulation. Binance data indicates that clients bought 19,900 BTC worth about USD 1.3 billion in one day while the Fear & Greed Index remained in fear territory.

Binance Co-CEO Richard Teng also expressed long-term confidence in Bitcoin adoption. Speaking to Reuters on July 9, 2026, he said, “Every time people say that bitcoin is dead, that’s the time that I’ll go all in.”

Teng linked his optimism to continued corporate treasury adoption. His remarks came while Bitcoin traded well below its previous record, creating a contrast between weak market sentiment and continued institutional and corporate exposure.

For Strategy, the next financing decision could affect MSTR holders directly. AIMCo has not publicly explained its investment rationale. Meanwhile, the next quarterly 13F filing could show whether major institutions add, maintain, or reduce their positions.