Key Takeaways Cryptoquant analysts estimate Strategy’s cumulative realized losses from 2026 bitcoin sales have topped $102 million. The company still holds roughly 840,000 BTC, with unrealized losses near $10.6 billion. Strategy’s preferred-stock dividend obligations have nearly quadrupled to $1.2 billion annually. A Pattern of Selling Below Cost Strategy has sold bitcoin at least four times over the last couple of years, breaking a roughly four-year streak of pure accumulation under Executive Chairman Michael Saylor’s “never sell a single satoshi” mantra. The first sale offloaded 3,588 BTC for $218.4 million to fund preferred-stock dividends. The most recent disclosed sale, covering the …