Strategy (MSTR) has sold 1,638 BTC for approximately $105 million, according to a recent 8-K filing with the SEC. The transaction marks six consecutive weeks without a single Bitcoin purchase, continuing a clear pivot away from the firm's historic accumulation strategy.

The sale is notable because Strategy has staked its business model on accumulating, not divesting, Bitcoin. The company, formerly known as MicroStrategy, began buying Bitcoin as a primary treasury reserve asset in August 2020 under Executive Chairman Michael Saylor, becoming one of the first major public companies to do so and helping catalyze broader corporate interest in Bitcoin treasury strategies. Yet the firm has now sold Bitcoin on multiple occasions in 2026, signaling a meaningful shift in how it manages its treasury obligations.

The news comes as BTC trades at approximately $63,500, up 1.5% over the past 24 hours as the market digests Strategy's latest sell-off. Bitcoin's daily trading volume sits at just over $25 billion.

Saylor Addresses the Sale

Michael Saylor has publicly addressed the latest transaction. He stated that he has never sold any personal Bitcoin and that his "Never sell" mantra referred to individual savings rather than corporate holdings.

When I say "Never Sell Your Bitcoin," I speak as one saver to another. I have never sold mine. Not one satoshi. Strategy is a public company, not my wallet. Since 2020, it has disclosed it may buy or sell $BTC to manage capital. Our shared conviction in Bitcoin remains unchanged.

— Michael Saylor (@saylor) August 3, 2026

Details of the Sale

The 1,638 BTC were sold at an average price of approximately $64,000 per coin, meaningfully below Strategy's aggregate average purchase price of $75,419. This means the company is realizing losses relative to its cost basis on each coin sold.

Despite offloading a portion of its reserves and sitting on a reported $10.9 billion paper loss, Strategy remains one of the largest corporate holders of Bitcoin globally. The latest sale represents a small fraction of its total portfolio.

Strategy's fiat liquidity recently climbed past the $3.75 billion mark following these transactions, according to Arkham Intelligence.

Why Strategy Is Selling and What the STRC Buyback Means

Strategy uses debt instruments — including convertible notes and preferred stock offerings — to finance its massive Bitcoin treasury. With some of those obligations reaching maturity, the firm is using its newly established Digital Credit Capital Framework, announced in late June 2026, to restructure its capital.

Proceeds from the 1,638 BTC sale are expected to fund dividend payments across its preferred stock classes — STRC, STRK, STRD, STRF, and STRE — and to pay for repurchases of STRC preferred stock.

STRC is a perpetual preferred stock issued by Strategy. According to Fortune, the company uses money raised from selling STRC to finance Bitcoin purchases or cover interest payouts to creditors. The STRC repurchase is part of the broader capital restructuring under the Digital Credit Capital Framework.

This latest sale follows a liquidation of 3,588 BTC the previous month and an earlier sale of 32 BTC in May. (Source: Yahoo Finance)

Board Authorization and What to Watch Next

Strategy announced in late June that it may sell up to $1.25 billion in Bitcoin to build its cash reserves and avoid issuing more equity, according to Fortune. The sales are described as a way to shore up cash and calm markets.

Key metrics to track going forward include how quickly that authorization is consumed, whether STRC repurchases continue, and whether the six-week pause on new BTC accumulation extends into a permanent shift in capital allocation priorities. Strategy's pivot also raises questions about whether other companies that adopted Bitcoin treasury strategies will revisit their own approaches if the cost of carrying those positions rises.

Using on-chain tools such as Arkham Intelligence, traders and analysts can trace the flow of these assets before official filings even reach the market.