Strategy Inc., the Bitcoin-focused company formerly known as MicroStrategy and led by Executive Chairman Michael Saylor, continues to execute a clear dual strategy of selling Bitcoin while aggressively raising cash through equity issuance.
The latest Form 8-K filing covering the period from August 3 to August 9, 2026, confirms further Bitcoin disposals and a substantial equity raise that has pushed the company’s U.S. dollar reserve higher. Year-to-date, Strategy has now sold 6,948 Bitcoin, a development that has unsettled many long-term Bitcoin holders who once viewed the firm as an unwavering accumulator.
Strategy’s Bitcoin Sales and Current Treasury Position
According to the filing, during the week of August 3 to August 9, Strategy sold 1,690 Bitcoin for an aggregate $108.6 million at an average price of $64,262 per coin. The entire net proceeds from these sales were directed toward repurchasing shares of its Variable Rate Series A Perpetual Stretch Preferred Stock (STRC).
This latest disposal brings Strategy’s cumulative Bitcoin sales in 2026 to 6,948 BTC. Earlier transactions included a small 32 BTC sale in late May, a larger combined 3,588 BTC sale across late June and early July, and 1,638 BTC sold between July 27 and August 2.
BitcoinTreasuries.NET data shows that the company holds 840,447 Bitcoin as of August 10, 2026. The aggregate purchase price of the remaining holdings stands at $63.36 billion, equating to an average cost basis of $75,385 per Bitcoin.
The sales continue to occur below the company’s long-term average acquisition cost, resulting in realized losses on the disposed coins. While 840,447 BTC still represents the largest corporate Bitcoin treasury in the world, more than 4% of the eventual 21 million supply, the steady reduction has marked a definitive shift away from the pure “never sell” posture that defined Strategy’s earlier years.
Saylor has repeatedly clarified that he has never sold any of his personal Bitcoin, emphasizing that Strategy is a public company with capital structure obligations distinct from individual savings. Nevertheless, the repeated corporate sales have introduced uncertainty among Bitcoin holders who had relied on Strategy’s consistent demand as a market support.
Read: Michael Saylor Clarifies Bitcoin Stance After Strategy’s 1,638 BTC Sale
Equity Issuance and USD Reserve Expansion
In parallel with the Bitcoin sales, Strategy executed a significant at-the-market equity raise. Between August 3 and August 9, the company sold 6,585,682 shares of its Class A common stock (MSTR), generating $653.1 million in net proceeds.
Of this amount, $650.0 million was allocated to the USD Reserve and $3.1 million was added to the company’s cash balance. No shares of the preferred securities—STRF, STRC, STRK, or STRD—were issued during the period.
As a result of these inflows, Strategy’s USD Reserve rose to $4.65 billion as of August 9, 2026. This reserve is maintained specifically to support preferred stock dividend payments and interest obligations on outstanding indebtedness. The expansion of the cash position extends the company’s funding runway and reduces near-term pressure to sell additional Bitcoin solely for liquidity purposes.
Remaining capacity under the at-the-market programs remains substantial. As of latest details, Strategy still has $22,036.8 million available for issuance of MSTR common stock, along with significant headroom across its preferred stock series: $1,619.3 million for STRF, $17,510.8 million for STRC, $2,100.0 million for STRK, and $4,014.8 million for STRD.
Preferred Stock Repurchases and Broader Capital Management
The $108.6 million raised from the latest Bitcoin sale was used in full to repurchase 1,152,020 shares of STRC preferred stock. This activity falls under the Digital Credit Securities Repurchase Program authorized in June 2026.
After the week’s transactions, $785.2 million remains available under that preferred stock repurchase authorization, while the separate $1.0 billion MSTR common stock repurchase program remains fully intact.
These coordinated moves—selling Bitcoin to fund preferred share buybacks while simultaneously issuing common equity to build cash reserves—illustrate Strategy’s active capital management framework.
The company is prioritizing the stability of its preferred securities, which carry ongoing dividend obligations, while preserving long-term Bitcoin exposure on the balance sheet.
Read: Strategy’s $4B Cash Reserve Buildup Renews Focus on STRC Preferred Stock
For many Bitcoin holders, however, the optics remain challenging. What was once marketed as a permanent, one-way accumulation vehicle has evolved into a more conventional corporate treasury operation that monetizes Bitcoin when advantageous and raises equity capital to strengthen liquidity. Strategy continues to disclose these activities promptly through SEC filings and maintains a public dashboard on its website for ongoing transparency.
As of the latest update, the firm retains an enormous Bitcoin position and substantial unused capital market capacity. Yet the cumulative sale of 6,948 Bitcoin in 2026, combined with the steady buildup of dollar reserves through equity issuance, underscores that the era of pure accumulation has given way to a more flexible, and for some investors more unsettling, “sell BTC, raise cash” approach.
Also read: H100 Triples BTC Holdings in World’s First Bitcoin-for-Bitcoin Public M&A
