Strategy sold 1,690 bitcoin between Aug. 3 and Aug. 9 at an average price of $64,262 per coin, raising $108.6 million in net proceeds that went entirely toward repurchasing shares of its STRC preferred stock, according to an 8-K filing with the Securities and Exchange Commission on Monday.
The sale reduced Strategy's total holdings to 840,447 BTC, acquired for an aggregate $63.36 billion at an average cost of $75,385 per bitcoin. At current prices near $65,000, the position carries roughly $8.7 billion in paper losses. The company also sold 6,585,682 shares of MSTR common stock during the same period to raise $653.1 million, directing $650 million of that into its U.S. dollar reserve and $3.1 million to its cash balance. The reserve stood at $4.65 billion as of Aug. 9.
What the STRC buyback actually means
Strategy used the full $108.6 million from the bitcoin sale to repurchase 1,152,020 shares of STRC, its variable-rate Series A perpetual Stretch preferred stock. The company has $785.2 million remaining under a broader preferred-stock repurchase program announced on June 29.
STRC had fallen below $75 in late June and has since recovered to above $95 as Strategy works to return the stock toward its $100 par value.
Executive Chairman Michael Saylor said the moves increased the company's "USD Duration" by 143 days to 2.7 years. He also said Strategy "tightened STRC's BTC Credit by 10 bps," which refers to an internal credit model that assumes 10% annual bitcoin appreciation, 40% bitcoin volatility and a bitcoin price of $64,915.
"Strategy increased its USD Reserve by $650M and repurchased $109M of STRC," Saylor said.
The bitcoin sale cost basis was not disclosed in the filing, so no realized gain or loss on the 1,690 BTC can be independently determined from the available information.
Strategy increased its USD Reserve by $650M and repurchased $109M of $STRC. This increased USD Duration by 143 days to 2.7 yrs and tightened STRC's BTC Credit by 10 bps. As of 8/9/26, we hold ₿840,447 in our BTC Reserve and $4.65B in our USD Reserve. $MSTR…
— Michael Saylor (@saylor) August 10, 2026
Saylor's Sunday post and the confusion it caused
On Sunday, Saylor published Strategy's familiar orange-dot tracker chart to X with the caption "Doing ₿usiness."
Doing ₿usiness. pic.twitter.com/PtekVgHXDp
— Michael Saylor (@saylor) August 9, 2026
The post format has historically preceded acquisition announcements, and some market watchers read the Sunday message the same way. On-chain intelligence platform Lookonchain reported that a wallet linked to Strategy had instead sold bitcoin, consistent with what the Monday filing later confirmed.
The episode prompted Saylor to address a separate question about his personal holdings.
"When I say 'Never Sell Your Bitcoin,' I speak as one saver to another. I have never sold mine," he wrote on X. "Not one satoshi. Strategy is a public company, not my wallet."
The framework authorizing the sales
Strategy's bitcoin sales operate under its Digital Credit Capital Framework, which restricts the USD reserve to preferred stock dividends and interest payments and authorizes a $1 billion repurchase program for its digital credit securities, with STRC as the initial priority. The framework also includes a $1 billion common-stock buyback program and an expanded BTC Monetization Program that allows up to $5 billion in bitcoin sales to fund reserve contributions, dividends, interest and securities repurchases.
The company still holds roughly 4% of bitcoin's 21 million supply cap, and $22 billion remains available under its MSTR at-the-market offering program.
Where that leaves the balance sheet
The combined transactions convert a small portion of Strategy's bitcoin reserve into a substantially larger dollar cushion. The USD reserve now covers preferred dividend obligations and debt interest at a duration Saylor put at 2.7 years, a meaningful buffer given the complexity of the company's capital structure.
MSTR and STRC were both up 0.5% in pre-market trading on Monday following the filing, per available market data, while bitcoin traded flat near $65,000 in the immediate period after the disclosure.
Gunel Ismayilova
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