Saylor's Strategy Sells Bitcoin #3, Calls It "Net Buyer" — Math Checks Out, Vibes Still Wonky

Strategy sold 1,690 BTC for $108.6 million during the week ending August 9, according to an 8-K filed Monday, trimming its corporate Bitcoin stack to 840,447 coins from 842,138. The coins cleared at an average of $64,262 net of fees, roughly $11,123 below Strategy's $75,385 per-Bitcoin cost basis and the third straight week of disposals. The firm has not added to its holdings since June and now sits 6,916 coins below its June peak. All proceeds went toward repurchasing the company's STRC preferred stock, which rebounded to $95, while Strategy also sold $653.1 million of MSTR common stock during the week, more than double the prior period.

The latest sale lifted Strategy's cash position to $4.65 billion, up from $4 billion, covering what the company describes as 2.7 years of "USD Duration," or runway for its $1.76 billion in annual preferred dividends and debt interest. Strategy increased its USD Reserve by $650 million and repurchased $109 million of $STRC. Since July 1, Strategy has sold roughly $1.9 billion of common stock while buying zero Bitcoin. MSTR bottomed at $81.81 in late June, has rebounded roughly 20%, and was trading near $100 per share. "When I say 'Never Sell Your Bitcoin,' I speak as one saver to another. I have never sold mine. Not one satoshi," Executive Chairman Michael Saylor said, reiterating his earlier clarification that the firm aims to "never be a net seller of Bitcoin" rather than never sell any at all.

CEO Phong Le defended the activity in a Monday FOX Business interview, noting Strategy has purchased approximately 175,000 BTC since the start of 2026 while selling roughly 7,000, making it a net buyer by a factor of about 25x. "We bought about 25 times more than we sold," Le said, adding: "We'll get back to buying more Bitcoin throughout the course of the year." Strategy has executed four Bitcoin sales since May, beginning with a 32 BTC disposal earlier in the year that marked its first sale since 2022. The Digital Credit Capital Framework introduced in late June formally authorizes BTC sales to fund dividends, debt service, and buybacks, with a self-imposed ceiling of up to $1.25 billion in BTC disposals to replenish the dollar reserve.

Quarterly preferred dividend costs at Strategy have climbed from $49.1 million a year ago to $400.7 million, per supplementary research cited in industry coverage, leaving the firm dependent on steady cash generation to meet its obligations across STRC, STRK, STRD, STRF, and STRE. As of August 2, the company held 842,138 BTC at a total cost of $63.51 billion, against an aggregate cost basis of $63.36 billion as of the latest filing. Bitcoin was trading near $64,041.82 at last check, up 0.63% over 24 hours according to market data.