Saylor's "Never Sell" Streak Takes a Two-Week Siesta 💤

Strategy sold 1,690 BTC for $108.6 million during the week ending Aug. 9, using the full proceeds to repurchase 1,152,020 shares of its variable-rate preferred stock, $STRC, according to an 8-K filed Monday. The Bitcoin was sold at an average price of $64,262 net of fees, marking the second consecutive week the firm has offloaded holdings to fund buybacks.

The transaction trimmed Strategy's Bitcoin stack to 840,447 BTC from the 842,138 held a week earlier. The company's aggregate cost basis stands at $63.36 billion, an average of $75,385 per coin—$11,123 above the latest sale price. Strategy has not purchased Bitcoin since June.

Alongside the Bitcoin sale, Strategy sold 6,585,682 common shares for $653.1 million net, more than double the 3,011,361 it sold the previous week. It directed $650 million into its USD reserve, lifting the balance to $4.65 billion as of Aug. 9 from $4 billion the prior week, with $3.1 million added to cash. The third buyback under the $1 billion Digital Credit Securities Repurchase Program, announced June 29, leaves $785.2 million of authorization remaining.

The company also broadened its capital toolkit on Monday, unveiling a Digital Credit Capital Framework that sets conditions for future sales. The board has approved up to $1.25 billion in disposals to fund cash reserves, preferred payouts or securities repurchases. With this week's sale, Strategy has used roughly $429 million of that capacity, including $216 million in July and $104.7 million last week, and excluding the 32 BTC it sold at the end of May to fund preferred distributions—its first sale since December 2022.

Holdings now sit 6,916 BTC below the 847,363 peak reached in June, a reduction of 0.8%. At around $65,100, where $BTC 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. $MSTR and $STRC were each up 0.5% in Monday pre-market trading.