Strategy Sold Another $105 Million in Bitcoin. Where the Money Went Marks a New Phase for Michael Saylor’s Playbook

Michael Saylor spent years turning “never sell your Bitcoin” into one of the loudest slogans in corporate finance.

Strategy has now sold Bitcoin three times this summer.

The latest sale was the largest since July and the most revealing yet.

Strategy sold 1,638 Bitcoin for $104.73 million last week. Every dollar was directed toward the company’s preferred-stock machine: roughly half funded dividends and the rest bought back STRC shares.

Bitcoin is no longer sitting untouched on Strategy’s balance sheet. It is becoming operating capital.

Strategy increased its USD Reserve by $250M and repurchased $81M of $STRC. This increased USD Duration by 57 days to 2.3 years and tightened STRC’s BTC Credit by 5 bps. As of 8/2/26, we hold ₿842,138 in our BTC Reserve and $4.0B in our USD Reserve. $MSTR https://t.co/t7bGZJ8Q3o

— Michael Saylor (@saylor) August 3, 2026

The transaction appears in an 8-K filed with the Securities and Exchange Commission Monday morning. The filing also records the common-stock sale, the cash-reserve increase, the STRC buyback and the next two declared preferred dividends.

Strategy sold the Bitcoin between July 27 and August 2 at an average net price of $63,957 per coin. The filing assigns $52.4 million of the proceeds to preferred-stock dividends and $52.3 million to repurchases of its Variable Rate Series A Perpetual Stretch Preferred Stock, better known by the ticker STRC.

Those uses are unusually precise. Strategy did not sell Bitcoin to fund a software acquisition, cover an unexpected loss or exit the asset.

It sold Bitcoin to support securities that were created to finance the Bitcoin treasury.

The filing also shows that 912,143 STRC shares were retired during the week, giving investors a complete record of the sale proceeds and the preferred shares bought back with them.

The loop now works in both directions.

Strategy issues common and preferred shares to raise money. That capital can buy Bitcoin and build cash reserves.

Bitcoin can later be sold to pay preferred dividends or support the market for the preferred shares.

Saylor’s company still owns 842,138 Bitcoin. The filing puts its aggregate purchase cost at $63.51 billion and its average acquisition price at $75,419 per coin.

At the disclosed figures, the latest sale reduced the company’s Bitcoin position by less than two-tenths of one percent.

Its symbolic size is much larger.

Strategy has long been valued as the purest public-market proxy for relentless Bitcoin accumulation. The company is showing investors that its treasury can also serve as collateral, a source of liquidity and a backstop for its growing stack of preferred securities.

The Bitcoin sale was one part of a much larger capital move.

MARKETS: Michael @Saylor's @Strategy sells 1,638 $BTC for $104.7M and raises $290.6M via equity, boosting its USD reserve to $4B while repurchasing $81.2M in $STRC preferred shares, leaving total holdings at 842,138 $BTC. pic.twitter.com/wxrWZ436ot

— CoinDesk (@CoinDesk) August 3, 2026

During the same week, Strategy sold 3,011,361 shares of MSTR common stock for $290.6 million in net proceeds.

It directed $250 million of that money into its U.S. dollar reserve, used $28.9 million for additional STRC repurchases and added the remaining $11.7 million to cash.

Combining both funding sources, Strategy repurchased 912,143 STRC shares for $81.2 million.

The company also lifted its USD reserve to $4 billion. Strategy says that reserve is intended to support preferred-stock dividends and interest on outstanding debt.

Strategy’s company announcement says the cash addition extended its reserve duration by 57 days to 2.3 years. In plain English, the company says it now has enough dollars set aside to cover more than two years of the obligations included in that calculation.

The repurchase also tightened what Strategy calls STRC’s “BTC Credit” by five basis points. That internal measure compares the preferred security with the Bitcoin backing and other parts of the capital structure.

Buybacks reduce the number of STRC shares in the market. If the company can repurchase those shares below their $100 stated amount, it can retire preferred claims at a discount while signaling support for the product.

STRC has needed that support.

The preferred stock carries a variable dividend and has traded below its $100 target. Strategy maintained the annual dividend rate at 12% for the coming periods and said management does not intend to recommend a reduction until STRC trades sustainably near par.

A 12% annual payout is expensive funding. It can attract buyers, but it also creates a recurring cash obligation that Bitcoin itself does not pay.

That is the tension inside Strategy’s model.

The company wants to own as much Bitcoin as possible. It also wants to issue securities linked to that reserve, preserve confidence in those products and meet their cash payments through violent Bitcoin cycles.

A large USD reserve reduces the chance that Strategy will have to sell Bitcoin during a worse market. Buying back discounted STRC shares can lower future preferred obligations.

Selling a small amount of Bitcoin today can therefore protect more of the remaining treasury tomorrow.

CoinDesk notes that the transaction leaves Strategy with 842,138 Bitcoin even after the sale, while common-stock issuance brought in nearly three times as much cash as the Bitcoin disposal. The report also places Strategy’s total Bitcoin cost at $63.51 billion and its average purchase price at $75,419.

The company is still leaning heavily on equity markets. The Bitcoin sale did not replace that funding channel; it supplemented it and gave Strategy another lever for maintaining the capital structure.

Common-stock issuance supplied $290.6 million during the week, compared with $104.73 million from Bitcoin, so shareholder dilution remains the larger source of fresh capital in this round.

The two channels now operate side by side.

That flexibility can be useful. It also makes the investment story more complicated than a simple promise to stack Bitcoin forever.

Shareholders now have to evaluate several moving pieces at once: Bitcoin per common share, dilution from MSTR issuance, cash coverage, preferred dividend costs, buyback discounts and the possibility of future Bitcoin sales.

The company has crossed an important line.

Strategy still holds more Bitcoin than any other public company. It is also operating a Bitcoin-backed financing business with real cash obligations and an expanding menu of securities.

The latest sale shows which identity wins when those obligations come due.

Bitcoin remains the reserve.

But the reserve is there to be used.

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