Key Takeaways
- • Strategy sold 1,690 BTC for $108.6 million (August 3–9, 2026) at an average price of $64,262 per coin, with net proceeds directed entirely toward repurchasing 1,152,020 shares of its STRC preferred stock.
- • The company continues executing consecutive weekly Bitcoin sales under its Digital Credit Capital Framework, adopted in late June, which authorizes limited BTC disposals to fund preferred dividends, buybacks, and cash reserves.
- • Strategy's current Bitcoin holdings stand at 840,447 BTC, representing the largest corporate treasury but accumulated at an average cost basis of $75,385 per coin—meaning current sales near $64,262 lock in losses against historical basis.
- • STRC preferred stock carries a 12% annualized dividend rate reset monthly to maintain par value near $100; the security traded at $95.01 following the latest transaction, having declined to $71.25 within the past 12 months, signaling market resistance to the preferred's design.
- • Strategy's USD reserve reached $4.65 billion following concurrent sales of 6,585,682 MSTR common shares via at-the-market offering, raising $653.1 million and extending cash duration to 2.7 years, according to executive chairman Michael Saylor.
Summary
Strategy (formerly MicroStrategy) disclosed a 1,690 BTC sale for $108.6 million on August 11, 2026, marking the second consecutive week of net Bitcoin selling. The transaction, executed between August 3 and August 9 at an average price of $64,262 per coin, represents a calculated treasury management exercise rather than a panic liquidation, with all proceeds allocated to repurchasing STRC preferred stock shares.
The sale repurchased 1,152,020 shares of STRC, the variable-rate perpetual preferred security Strategy issued to finance Bitcoin accumulation. The preferred carries a monthly dividend reset mechanism calibrated to maintain its par value near $100, currently set at a 12% annualized rate. However, market reception has been lukewarm; STRC closed trading at $95.01 following the latest transaction and has declined to lows of $71.25 within the past year, indicating investor skepticism regarding the preferred's design and economic sustainability.
Strategy's continued Bitcoin sales are authorized under the Digital Credit Capital Framework, adopted in late June 2026, which permits limited BTC disposals to fund preferred dividends, repurchases, and cash reserve growth. The company still holds 840,447 BTC, maintaining the largest corporate Bitcoin treasury globally, though the position carries a weighted average cost basis of $75,385 per coin. Each sale near current prices ($64,262) consequently realizes losses against historical acquisition costs.
Concurrently, Strategy raised $653.1 million through an at-the-market offering of 6,585,682 MSTR common shares, bringing its USD reserve to $4.65 billion. Executive chairman Michael Saylor characterized the week's activity as expanding "USD Duration by 143 days to 2.7 years" and tightening "STRC's BTC Credit by 10 basis points," framing the transactions as a credit and liquidity extension rather than a retreat from the company's Bitcoin thesis. The pattern reflects Strategy's transition toward managing its treasury as a diversified credit vehicle, balancing Bitcoin accumulation with preferred obligations and cash-denominated reserves.
The sale repurchased 1,152,020 shares of STRC, the variable-rate perpetual preferred security Strategy issued to finance Bitcoin accumulation. The preferred carries a monthly dividend reset mechanism calibrated to maintain its par value near $100, currently set at a 12% annualized rate. However, market reception has been lukewarm; STRC closed trading at $95.01 following the latest transaction and has declined to lows of $71.25 within the past year, indicating investor skepticism regarding the preferred's design and economic sustainability.
Strategy's continued Bitcoin sales are authorized under the Digital Credit Capital Framework, adopted in late June 2026, which permits limited BTC disposals to fund preferred dividends, repurchases, and cash reserve growth. The company still holds 840,447 BTC, maintaining the largest corporate Bitcoin treasury globally, though the position carries a weighted average cost basis of $75,385 per coin. Each sale near current prices ($64,262) consequently realizes losses against historical acquisition costs.
Concurrently, Strategy raised $653.1 million through an at-the-market offering of 6,585,682 MSTR common shares, bringing its USD reserve to $4.65 billion. Executive chairman Michael Saylor characterized the week's activity as expanding "USD Duration by 143 days to 2.7 years" and tightening "STRC's BTC Credit by 10 basis points," framing the transactions as a credit and liquidity extension rather than a retreat from the company's Bitcoin thesis. The pattern reflects Strategy's transition toward managing its treasury as a diversified credit vehicle, balancing Bitcoin accumulation with preferred obligations and cash-denominated reserves.
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