Strategy sold 1,690 bitcoin last week for $108.6 million. It raised another $653.1 million selling its own stock and steered most of that into a dollar reserve now standing at $4.65 billion. The company has gone two months without adding to its holdings.
The bitcoin sale, disclosed in an 8-K filing Monday, ran between Aug. 3 and Aug. 9 at an average $64,262 per coin net of fees, according to CoinDesk. Every dollar of proceeds went to repurchase 1,152,020 shares of Strategy’s STRC variable-rate preferred stock, a $108.6 million outlay. It was the third buyback under a $1 billion program announced June 29.
The Block and Decrypt both confirmed the figures from the same SEC filing.
On the equity side, Strategy sold 6,585,682 common shares for $653.1 million net. That is more than double the 3,011,361 shares moved the prior week, Decrypt reported. The company put $650 million into its USD reserve, lifting the balance from $4 billion to $4.65 billion as of Aug. 9. The remaining $3.1 million went to cash.
That reserve is being built against $1.76 billion in annual dividend obligations. Strategy has not purchased bitcoin since June. Stock sales, not treasury funds, have supplied most of the reserve.
On X, the company’s official account said the moves “increased USD Duration by 143 days to 2.7 yrs and tightened STRC’s BTC Credit by 10 bps,” per Decrypt.
The sales leave Strategy holding 840,447 BTC. That is down 6,916 coins, or 0.8%, from the 847,363 peak reached in June. The stack cost $63.36 billion at an average $75,385 per coin, roughly $11,000 above where the sold coins fetched last week. At bitcoin’s Monday price near $65,100, the holdings are worth about $54.7 billion. The company carries approximately $8.7 billion in paper losses, according to The Block.
Strategy still holds roughly 4% of bitcoin’s 21 million supply cap.
The company broke its accumulation-only stance in late May. It disposed of 32 BTC for $2.5 million to fund preferred distributions, its first sale since December 2022. A week before this latest round, half of the bitcoin proceeds funded preferred dividends and half went to an $81 million buyback, Decrypt reported.
Co-founder and Executive Chairman Michael Saylor addressed the optics directly on X: “When I say ‘Never Sell Your Bitcoin,’ I speak as one saver to another. I have never sold mine. Not one satoshi. Strategy is a public company, not my wallet.”
That distinction between Saylor’s personal stance and the corporate treasury frames the shift. The bitcoin monetization program, expanded to allow up to $5 billion in sales per The Block, has so far used roughly $429 million of capacity. Decrypt cites an earlier $1.25 billion figure under the original June framework. The two appear to describe different program tiers.
STRC preferred shares have climbed from below $75 in late June back above $95. Strategy is targeting a return toward the $100 par value. The company has $785.2 million remaining under the STRC repurchase authorization and $1 billion available under a common stock buyback program.
MSTR shares closed Friday at $100.01, up 3.3% on the week. Bitcoin rose 2.4% over the same period. Both were roughly flat in Monday pre-market trading after the filing. The stock is still down about 78% from its summer 2025 peak.
The company’s at-the-market offering program has $22 billion in remaining capacity. Some 196 public companies have now adopted some form of bitcoin treasury model, per Bitcoin Treasuries data. Strategy’s nearest rival, Twenty One, holds 43,514 BTC.
That Strategy is selling bitcoin and stock to hold dollars, not the reverse, is a shift from the accumulation-only posture that defined its early years as a public bitcoin treasury. Investors, it seems, want a cash cushion the bitcoin stack alone does not provide.
