What was disclosed

Strategy, formerly MicroStrategy, sold 1,638 BTC for approximately $104.7 million, according to a Form 8-K filed with the SEC.

The coins were sold between 27 July and early August at an average price of roughly $63,957, below the company's average cost basis of about $75,419 per coin.

Holdings now stand at 842,138 BTC, acquired at an aggregate cost of around $63.5 billion.

The company also raised approximately $290.6 million through sales of MSTR common stock during the same period.

Where the money went

The 8-K sets out the use of proceeds in detail.

Roughly $52.4 million funded dividends on STRC preferred stock, and about $52.3 million went toward an $81 million repurchase of STRC preferred shares, the second such buyback in two weeks under a previously announced $1 billion programme.

Around $250 million from the stock sale went into the company's dollar reserve, lifting it to $4 billion, with smaller amounts applied to further repurchases and cash balances.

The company repurchased 912,143 STRC shares at roughly $89 against a $100 stated amount, which it presents as buying a dollar for less than ninety cents.

Saylor's position

Executive chairman Michael Saylor addressed the disclosure directly on social media, writing that when he says never sell your Bitcoin he speaks as one saver to another and has never sold his own, not one satoshi, adding that Strategy is a public company rather than his personal wallet.

He noted that the company has disclosed since 2020 that it may buy or sell Bitcoin to manage capital.

The framework was formalised in late June 2026 with the introduction of a Digital Credit Capital Framework, which explicitly authorises Bitcoin sales to fund dividends, debt service and repurchases.

Strategy has not purchased Bitcoin since 22 June, its longest recorded pause.

Scale versus direction

In absolute terms the sales are minor. Since 30 June the company has sold roughly 3,863 coins, close to 0.5% of its holdings.

Earlier 2026 disposals included 32 BTC in late May and 3,588 BTC across late June and early July.

The company bought 85,296 BTC in the second quarter and sold about 1,395, so accumulation still vastly outweighs disposals over the period.

What has changed is direction of travel. Bitcoin is now functioning as an active liquidity source for the balance sheet rather than an untouchable reserve.

Why this matters

This matters because Strategy's treasury model has been the template for dozens of corporate Bitcoin strategies.

That model depended on a capital structure funded by equity and preferred issuance, with Bitcoin held permanently. Preferred stock sales alone netted the company $5.46 billion in the second quarter.

When preferred shares trade at a discount and dividends still need paying, the reserve becomes a funding source. That is a structurally different proposition for anyone who copied the approach.

Strategy also recorded an $8.22 billion loss in Q2 2026 following accounting adjustments tied to Bitcoin's decline, which frames why capital structure management has become the priority.

The clean takeaway

Strategy sold 1,638 BTC for about $104.7 million at an average price below its cost basis, using the proceeds to fund preferred dividends and buy back STRC shares. Holdings now sit at 842,138 BTC. The sale is small relative to the stack but confirms that Bitcoin is now an active liquidity tool for the company rather than a permanent reserve.