Strategy, the Bitcoin treasury firm led by Michael Saylor, sold 1,690 BTC for $108.6 million in the week ending August 9, according to an 8-K filing submitted Monday. The company remains the largest publicly traded corporate holder of Bitcoin by a wide margin, and its selling pattern is closely watched as a barometer of institutional treasury behavior. The sale reduced the company's Bitcoin holdings from 842,138 BTC to 840,447 BTC. The coins were sold at an average price of $64,262, net of fees.

The transaction leaves Strategy with an aggregate cost basis of $63.36 billion, or $75,385 per Bitcoin — $11,123 more than this week's coins fetched.

The company confirmed the moves in a post on X:

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 …

— Strategy (@Strategy), August 10, 2026

STRC Buyback Consumes All Bitcoin Sale Proceeds

Every dollar of the Bitcoin sale proceeds went into buying back preferred stock. Strategy repurchased 1,152,020 STRC shares for $108.6 million — matching the sale proceeds exactly — marking its third buyback under the $1 billion Digital Credit Securities Repurchase Program announced on June 29. That leaves $785.2 million in remaining authorization. Retiring preferred shares at a discount to their Bitcoin-credit value also reduces future dividend obligations, compounding the capital benefit. A week earlier, half of the Bitcoin proceeds had funded preferred dividends while the other half went toward an $81 million buyback.

Equity Sales Boost Dollar Reserve

The larger transaction of the week was in equity. Strategy sold 6,585,682 common shares for $653.1 million net, more than double the 3,011,361 shares sold the previous week. Of the proceeds, $650 million was directed into the dollar reserve and $3.1 million to cash. The reserve stood at $4.65 billion as of August 9, up from $4 billion a week earlier — providing roughly 2.6 years of coverage against the company's $1.76 billion in annual dividend obligations.

Capital Framework and Selling History

Strategy broke with its long-held "never sell" stance at the end of May, disposing of 32 BTC for $2.5 million to fund preferred distributions — its first sale since December 2022. A capital framework unveiled in June set out the conditions under which the company would sell Bitcoin, allowing up to $1.25 billion in disposals. The shift marked a notable evolution for a firm whose public identity was built on relentless accumulation.

With this week's sale, the company has used approximately $429 million of that capacity, counting $216 million in July and last week's $104.7 million, and excluding the 32 BTC sold before the framework was established.

The firm has not purchased Bitcoin since June, instead building its dollar reserve against $1.76 billion in annual dividend obligations largely through stock sales. Its holdings now sit 6,916 BTC below the 847,363 peak reached in June, a reduction of 0.8%. Whether the dollar reserve will reach a level that allows the company to resume net Bitcoin accumulation remains the central question for investors tracking the stock's premium to net asset value.

At approximately $65,100, where Bitcoin traded Monday morning — up 0.4% on the day per CoinGecko data — the stack is worth roughly $54.6 billion against the $63.36 billion Strategy paid for it.

The company overhauled its investor metrics in July, making "net Bitcoin per share" the centerpiece metric, representing the holdings left for common shareholders once debt and preferred claims are stripped out. How effectively the STRC buybacks and dollar-reserve build improve that figure will likely shape investor sentiment in the quarters ahead.