Strategy Sells 1,690 Bitcoin to Buy Back STRC By Matt Brienen Published: 2026-08-10T15:50:32+00:00 ### Strategy Trades Bitcoin for Its Preferred Stock Michael Saylor’s Strategy has sold another 1,690 Bitcoin as the company continues reshaping its once-simple accumulation strategy into a more active treasury operation. According to an August 10 filing with the Securities and Exchange Commission, Strategy sold the Bitcoin between August 3 and August 9 for approximately $108.6 million. The average sale price was $64,262 per Bitcoin, net of fees and expenses. The proceeds were used to repurchase 1,152,020 shares of Strategy’s variable-rate STRC preferred stock for the same $108.6 million. This was not a sale to fund the software business or acquire another asset. Strategy directly exchanged part of its Bitcoin treasury for its own preferred security. --- ### Bitcoin Holdings Fall to 840,447 BTC Following the sale, Strategy holds 840,447 BTC acquired for an aggregate cost of approximately $63.36 billion. Its average purchase price now stands at $75,385 per Bitcoin, including fees and expenses. At a market value of roughly $54.7 billion when the report was published, the position carried approximately $8.7 billion in unrealized losses. Strategy’s holdings nevertheless represent about 4% of Bitcoin’s fixed 21 million supply cap, leaving it far ahead of every other publicly traded Bitcoin treasury company. Bitcoin traded near $64,000 around the disclosure and showed little immediate reaction. Strategy shares were also nearly flat in premarket trading, suggesting investors had already begun adjusting to the reality that the company is now willing to monetize portions of its treasury. --- ### Strategy Builds a $4.65 Billion Cash Reserve The Bitcoin sale was only one part of the week’s activity. Strategy also sold 6,585,682 shares of MSTR common stock through its at-the-market program, generating $653.1 million in net proceeds. Of that amount, $650 million was directed into the company’s US dollar reserve, while the remaining $3.1 million was added to its general cash balance. Strategy’s reserve consequently reached $4.65 billion as of August 9. That reserve is intended to support interest payments on the company’s debt and dividends across its expanding lineup of preferred securities. Strategy still has approximately $22.04 billion available under its MSTR stock issuance program, giving it substantial capacity to raise more capital through common-share dilution. --- ### The “Never Sell” Era Has Changed Saylor has spent years promoting Bitcoin as an asset that should never be sold. He recently clarified, however, that this message reflects his personal approach rather than the obligations of a public company. “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,” Saylor wrote in an August post. That distinction has become increasingly important. Strategy’s updated Digital Credit Capital Framework authorizes as much as $5 billion in Bitcoin sales to fund its dollar reserve, preferred dividends, interest obligations and security repurchases. The company also approved separate $1 billion repurchase programs for its digital-credit securities and MSTR common stock. Strategy is therefore no longer operating as a one-directional Bitcoin accumulator. Its treasury has become working capital that can be sold when management believes doing so will improve the broader capital structure. --- ### Why STRC Is Driving the Decision STRC is designed to trade near its $100 par value while providing investors with a variable dividend. The preferred stock fell below $75 in late June but has since recovered above $95 as Strategy began actively supporting the market through repurchases. Buying STRC below par can reduce the number of preferred shares requiring future dividend payments while potentially reinforcing confidence in Strategy’s digital-credit products. From that perspective, management may believe repurchasing discounted STRC creates more value than retaining every Bitcoin regardless of market conditions. The risk is that Bitcoin is also the asset underpinning Strategy’s valuation and financial identity. Selling BTC to support securities originally issued around the Bitcoin strategy creates a more complicated flywheel, particularly when the company’s Bitcoin position is underwater. --- ### A Test for the Bitcoin Treasury Model Strategy remains the dominant corporate Bitcoin holder, but the wider digital-asset treasury trade has weakened considerably. Although 196 public companies have adopted some form of Bitcoin acquisition model, many of their shares have fallen sharply from their 2025 peaks as premiums over net asset value contracted. MSTR itself remains approximately 78% below its peak, while Strategy reported an enterprise market-cap-to-net-asset-value ratio of 1.07. That leaves the stock trading much closer to the value of its underlying assets than during the most speculative phase of the treasury-company boom. The latest transaction shows that Strategy is willing to use Bitcoin to defend and rebalance its broader capital structure. Whether that flexibility ultimately benefits common shareholders will depend on the prices at which Bitcoin is sold, the value created through repurchases and the company’s ability to remain a net accumulator over time.