Key Takeaways:
Strategy sold 1,690 Bitcoin for $108.6 million in the week ended Aug. 9, its fourth straight week as a net seller, per an SEC filing.
"Monday's round tightened STRC's BTC Credit by 10 basis points," Michael Saylor, executive chairman of Strategy, said. The sale marked the company's first Bitcoin disposal since it began accumulating the token in 2020, and its second in consecutive weeks.
The coins were sold at an average of $64,262 before fees, roughly $11,100 below Strategy's aggregate cost basis of $75,385 per Bitcoin. Every dollar funded the repurchase of 1,152,020 shares of its Variable Rate Series A Perpetual Stretch Preferred Stock, the third buyback round under the $1 billion Digital Credit Securities Repurchase Program announced June 29. Separately, Strategy sold 6,585,682 MSTR common shares for $653.1 million, directing $650 million to its USD reserve, which now stands at $4.65 billion.
After the sale, Strategy holds 840,447 Bitcoin acquired for $63.36 billion, worth roughly $55 billion with the token near $65,000. The company has not bought Bitcoin since June, its longest pause since 2024, while annual preferred dividend and interest obligations total about $1.76 billion.
The STRC buyback math is straightforward. Each share carries a $100 stated value; Strategy is buying below that level, so every repurchase retires more in future obligations than it costs today. STRC traded near $95.55 in premarket Monday, up from a late-June low of $71.25. CEO Phong Le told investors during the Q2 earnings call that the goal is for STRC to trade consistently near $99 to $100.
The USD reserve, up from $4 billion a week earlier, exists to cover preferred-stock dividends and interest on outstanding debt. Saylor said the moves pushed the company's "USD Duration" — the estimated time the cash cushion can fund preferred obligations — up by 143 days to 2.7 years. Strategy still has $785.2 million remaining under its preferred-stock repurchase program and $1 billion under a separate MSTR common-stock repurchase program.
The 2026 scorecard shows 6,948 Bitcoin sold in total, a 0.8 percent drawdown from the 847,363 peak reached in June, and roughly $429 million of the $1.25 billion Bitcoin Monetization Program authorization used. The pattern is now running weekly, though Strategy has discretion under its capital framework and is not forced to sell.
The reversal has cracked the "never sell" thesis that underpinned the corporate Bitcoin treasury trade. On Aug. 3, market trackers showed Strategy's basic mNAV — the multiple of net asset value comparing market worth to the Bitcoin it holds — briefly fell below 1, meaning the market valued the company under the worth of its own holdings. That breaks the logic of issuing new shares to buy more Bitcoin, since each issuance now dilutes existing shareholders.
Saylor has pushed back on the narrative that the company has become a permanent seller, calling the sales part of prudent capital management. But the shift carries implications beyond Strategy. Dozens of firms copied its model over the past two years, raising capital to stack Bitcoin on their balance sheets; if the pioneer holding roughly 840,000 coins cannot hold its premium, smaller treasury companies have less room before the same math turns against them.
Three questions shape what comes next: whether STRC can reach par near $100 and slow the buybacks, when Bitcoin buying resumes, and how much MSTR dilution shareholders can absorb. Peter Schiff warned that Saylor may need to sell more Bitcoin and discounted common stock to push STRC to $100, calling it "bad news for Bitcoin and MSTR." MSTR and STRC were both up 0.5 percent in Monday premarket trading.
This article is for informational purposes only and does not constitute investment advice.
