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Strategy moved fast last week. The company sold 1,690 Bitcoin between August 3 and August 9, pulling in $108.6 million — then turned right around and used that cash to buy back shares of its STRC preferred stock. The deal landed in a fresh 8-K filing with the SEC.
It’s the fourth time this year Strategy has sold Bitcoin. Not a small number. The company offloaded the coins at an average price of $64,262 per BTC, which is actually below its own average purchase price of $75,385 per coin — fees included. So yes, Strategy sold at a loss relative to its cost basis. But the point wasn’t to profit on the Bitcoin trade itself. The point was liquidity. The proceeds went straight into repurchasing 1.15 million shares of STRC, the company’s variable-rate preferred stock that pays monthly dividends. Total cost of that buyback: $108.6 million.
What’s Left in the Tank
Strategy still holds 840,447 BTC, bought for a cumulative $63.36 billion. That’s a massive position — one of the largest corporate Bitcoin stashes anywhere. Selling 1,690 coins barely dents it. And the company isn’t done spending. There’s $785.2 million left under its digital credit securities repurchase program, plus another $1 billion earmarked for Class A common-stock buybacks. So the STRC move was one piece of a much bigger capital management picture.
The US dollar reserve grew too. Strategy reported $4.65 billion in cash reserves, up from roughly $4 billion the week before. A big chunk of that jump — $650 million out of $653.1 million — came from recent MSTR stock sales. Some proceeds from at-the-market sales were still pending settlement at the time of filing, so the reserve number could nudge higher once those clear.
Worth noting: Strategy has now sold 6,948 BTC in total throughout 2026. That’s not nothing, but it’s a fraction of what the company holds. The broader thesis — pile into Bitcoin, hold it, use it as a balance sheet anchor — hasn’t changed.
STRC and MSTR Price Action
STRC shares had a rough stretch earlier this summer. They fell hard, then climbed back. By August 3, STRC was sitting at $90 after a 24% rally off its June lows. On the latest trading day covered in the filing, STRC was up 0.46% at $95.45 in premarket. MSTR, the common stock, moved up 0.25% to $100.26 in the same session.
That STRC recovery probably matters here. Buying back shares when they’re still well below prior highs can be a smart move — you retire more shares per dollar. Whether that’s the explicit logic Strategy used, the filing doesn’t say. No comment from the company on future Bitcoin sales or additional buyback plans, either. Unclear if more sales are coming soon.
STRC is a variable-rate preferred stock, which means its dividend payments shift with interest rates. That structure can attract a different type of investor than common equity — people who want income, not just price appreciation. Repurchasing those shares reduces the dividend obligation going forward, which frees up cash flow. Probably a factor in the decision, though Strategy hasn’t spelled that out directly.
Reading the Pattern
Four Bitcoin sales in one year is a pattern worth watching. Strategy spent years accumulating aggressively, rarely selling anything. The shift toward periodic sales — even small ones relative to total holdings — seems to be a deliberate tool for managing the capital stack without tapping debt markets or diluting equity further.
The company’s financial filings have been pretty transparent about each transaction. Every sale gets disclosed, every buyback gets detailed. That’s partly because SEC rules require it for a public company of this size, but it also keeps institutional investors in the loop on how the Bitcoin treasury is actually being used.
Strategy’s dollar reserve sitting at $4.65 billion gives it real flexibility. It can run buybacks, service preferred dividends, and still have a cushion if Bitcoin prices swing hard in either direction. The company repurchased 1.15 million STRC shares in this round alone.
Frequently Asked Questions
How many Bitcoin did Strategy sell in this transaction?
Strategy sold 1,690 Bitcoin between August 3 and August 9, 2026, at an average price of $64,262 per coin, raising $108.6 million total.
How much Bitcoin does Strategy still hold after the sale?
Strategy still holds 840,447 BTC, acquired for a cumulative total of $63.36 billion at an average cost of $75,385 per coin.
