According to an August 10 filing with the Securities and Exchange Commission, Strategy sold 1,690 BTC between August 3 and August 9 for $108.6 million, at an average price of $64,262 per BTC — roughly 15% below the company's aggregate average cost basis of $75,385 per coin. As of Sunday, the company's holdings stood at 840,447 BTC, acquired for an aggregate $63.36 billion. That position represents approximately 4% of Bitcoin's 21-million-coin fixed supply, making Strategy the largest publicly traded corporate holder of Bitcoin by a wide margin.

The Bitcoin proceeds were not directed into Strategy's growing cash reserve. Instead, the company used the $108.6 million to repurchase approximately 1.15 million shares of its Variable Rate Series A Perpetual Stretch Preferred Stock (STRC). An additional $785.2 million remains available under its broader preferred-stock repurchase program. STRC is one of several specialized financing instruments Strategy has introduced to fund its Bitcoin acquisition strategy, alongside convertible senior notes and at-the-market equity programs.

This marked Strategy's second consecutive weekly Bitcoin sale. Between July 27 and August 2, the company sold 1,638 BTC for roughly $104.7 million at an average price of $63,957.

Michael Saylor summarized the moves 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 …

— Michael Saylor (@saylor) August 10, 2026

MSTR Sales Expand Cash Reserve to $4.65 Billion

Strategy built its cash reserve through a separate channel during the same period. The company issued approximately 6.59 million MSTR shares via its at-the-market program, generating $653.1 million in net proceeds. Of that amount, $650 million was allocated to the USD reserve, with an additional $3.1 million added to general cash.

This lifted the USD reserve from $4 billion on August 2 to $4.65 billion on August 9. At the end of June, the reserve stood at just $2.55 billion. The reserve is intended to cover preferred-stock dividends and interest on Strategy's debt obligations, providing the company greater flexibility to meet those payments in dollars.

The STRC repurchase, however, demonstrates that accumulating a larger cash cushion has not placed the Bitcoin treasury off-limits. Strategy sold Bitcoin while simultaneously raising fresh capital through MSTR share issuance, then directed the BTC proceeds toward reducing STRC exposure — not because it needed dollars for an upcoming dividend or interest payment.

This represents a more active deployment of the company's evolving treasury model than investors had previously observed. For years, the Bitcoin side of Strategy's balance sheet moved almost exclusively in one direction. The past two weeks indicate that management is now willing to reallocate a portion of those holdings when the trade-off within the capital structure is favorable.

There is little evidence that Strategy has turned against Bitcoin itself. The company continues to hold 840,447 BTC, and the recent sales represent only a small fraction of that total position. Viewed alongside the STRC repurchase and the expansion of the USD reserve, the transactions appear to be financing decisions rather than a shift in conviction.

A day before the latest disclosure, Michael Saylor appeared to underscore that distinction with a brief post:

Doing ₿usiness. pic.twitter.com/PtekVgHXDp

— Michael Saylor (@saylor) August 9, 2026

Strategy's Selling Does Not Signal a Broader Corporate Retreat

A counterpoint exists outside Strategy. Other publicly traded companies continue to find ways to increase their Bitcoin exposure.

H100 Group announced on August 10 that it had completed an acquisition adding 2,455.4 BTC at an implied price of approximately $62,900 per coin, bringing its total holdings to 3,506 BTC. The transaction, first announced in April, was paid entirely in H100 shares rather than cash.

H100 acquires 2,455.4 Bitcoin at approx. USD 62,900 per Bitcoin, increasing total holdings to 3,506 BTC.

The transaction, announced in April, has now been completed: – Largest M&A transaction in the European Public Bitcoin Equity sector – World's first Bitcoin-for-Bitcoin… pic.twitter.com/08dX9slrQH

— H100 (@H100Group) August 10, 2026

Although H100's transaction was not a conventional spot-market purchase, the trajectory is clear: the company used its equity to bring additional Bitcoin onto its balance sheet at the same time Strategy was divesting a small portion of its position to streamline another part of its financing structure.

The two companies are not conveying contradictory narratives about Bitcoin. Rather, they illustrate how differently public companies can utilize the asset. H100 is still constructing its treasury through equity issuance, while Strategy has reached a scale where a segment of its far larger Bitcoin position can serve the broader balance sheet.