Strategy sold 1,638 Bitcoin (BTC) for $104.7 million last week, cutting its holdings to 842,138 coins as the company funded preferred stock dividends and repurchases of its own shares.
Key Points:
- Strategy sold the coins between Jul. 27 and Aug. 2 at an average of $63,957 each, net of fees.
- Proceeds were split almost evenly between preferred stock distributions and STRC buybacks.
- The remaining stack sits about $10.9 billion below its purchase cost.
Strategy Bitcoin Sale Funds Preferred Dividends
The company moved the coins between Jul. 27 and Aug. 2 at an average of $63,957 each, net of fees, according to an 8-K filed with securities regulators on Monday. About $52.4 million of the money covered distributions on preferred stock, and another $52.3 million went toward repurchases of STRC, the variable rate preferred share that carries a 12% annual payout. The split leaves almost nothing for the treasury itself.
Strategy also raised $290.6 million through the sale of 3,011,361 MSTR shares, sending $250 million of that sum into a dollar reserve, held against dividends and interest, that now totals $4 billion.
The buyback ledger was busy as well. Strategy repurchased 912,143 STRC shares for $81.2 million during the week, left its common stock authorization untouched, and told investors over the weekend that the STRC rate would stay put rather than climb again.
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TD Cowen And Benchmark Keep Buy Ratings
TD Cowen and Benchmark each kept Buy ratings on the stock after last week's earnings report, though neither firm sounded especially comfortable.
Both said pushing STRC back toward its $100 par value has become the chief near-term task for management, a marked shift from the growth pitch that defined earlier years. Benchmark trimmed its price target to $435 from $570 after cutting its year-end Bitcoin forecast, while TD Cowen stayed at $260.
The arithmetic behind the sale is unflattering. Strategy's remaining coins carry an average cost of $75,419, roughly $11,000 above the price the company accepted last week, which leaves the treasury about $10.9 billion underwater at prices seen on Monday.
Michael Saylor Bitcoin Selling Streak Continues
Michael Saylor's firm has not reported a Bitcoin purchase since June, when it began treating the treasury as a funding source instead of a one-way vault that only ever took coins in.
It sold 1,363 coins for $80.8 million at the end of that month, then parted with 3,588 more for about $216 million in the days that followed. A four-week pause came next, and Monday's filing ended it.
The company reported an $8.2 billion second-quarter loss on Thursday, almost all of it unrealized markdowns on coins it already owns. Bitcoin traded near $63,700 on Monday, about 49% below the record it set in October 2025, while MSTR closed Friday at $93.28, roughly 80% under the peak it reached in 2025.
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