The company has bought roughly 25 times more BTC than it has sold this year, despite recent sales that challenged its long-standing accumulation strategy. The company has used proceeds from its recent sales to support preferred stock dividends, share repurchases and its US dollar reserve. Despite the relatively small size of the sales compared with its overall holdings, Strategy has faced scrutiny for departing from its long-standing “never sell” approach to Bitcoin. Related: Strategy unveils capital framework to preserve Bitcoin exposure, pay dividendsBTC treasury model faces pressure amid bear marketThe corporate Bitcoin treasury model has come under pressure as weaker market conditions challenge the economics that helped fuel its rapid expansion. However, that cycle becomes more difficult to sustain when companies trade below the net asset value of their Bitcoin holdings because raising new capital becomes increasingly dilutive to shareholders.