Saylor's Strategy sells again, swapping BTC reserve balance for cash

Strategy (NASDAQ: MSTR) entered yet another week without announcing a Bitcoin purchase. Instead, the leading corporate Bitcoin holder sold 1,638 Bitcoins (BTC) for about $104.7 million during the week of July 27 and August 2. 

Strategy sold the latest batch at around $63,957 per coin, more than $10,000 below the almost $75,500 it paid on average to build its stash, which is now down to 842,1338 BTC. 

Saylor’s Virginia-based firm also raised about $290.6 million by selling 3,011,361 shares of its Class A common stock (MSTR). $29 million of the remaining funds from the common stock sale went into more STRC buybacks. The rest was deposited into Strategy’s cash balance.

Why did Strategy sell Bitcoins this time around? 

The Form 8-K the company filed with the U.S. Securities and Exchange Commission (SEC) on Monday confirmed that the $104.7 million raised from Strategy’s third Bitcoin sale of the year was split between preferred-stock dividends and a $4 billion reserve.

• $52.4 million went to dividends on Strategy’s preferred stock 
• $52.3 million funded buybacks of its STRC shares

USD reserve retains priority 

Strategy’s founder and executive chairman, Michael Saylor, confirmed that the firm has continued to double down on its dollar reserve, with the latest injection of $250 million beefing it up to $4 billion. 

During the same week as the latest Bitcoin sales, Strategy bought back $81.2 million of its own STRC preferred stock, which came up to about 912,143 units. It can still deploy another $894 million if it chooses to, based on the documentation it presented under its Digital Credit Capital Framework. 

As Cryptopolitan previously reported, Strategy’s cash reserve is dedicated to covering obligations on preferred-stock dividends and company debt. The firm has now gained further runway in its ability to cover those obligations by another two months (57 days), to roughly 2.3 years.

Has Saylor withdrawn from ‘never sell’ punchline?

With the Saylor-led firm selling BTC for the third time in 2026, Strategy has now sold more Bitcoins and on more occasions in recent weeks than it has bought. 

Saylor has spent the past week resisting the reading that Strategy has turned seller. In a July 31 post on X, the company said it had “bought 48x more $BTC than we sold and issued 300x more $STRC than we repurchased” so far this year.

A day later, replying to coverage of the firm’s second-quarter results, Saylor wrote that Strategy announced its BTC Monetization Program on June 29, and added, “We have never had a ‘never sell’ policy. The program does not require any BTC sale, and we expect to remain a net buyer of Bitcoin over time.”

The sale barely dents the pile. As of August 2, Strategy still held 842,138 BTC, a figure confirmed by tracker BitcoinTreasuries.net, carrying an average acquisition cost of $75,419 per coin. 

The context for the caution is a rough quarter. Strategy reported an $8.22 billion net loss for the second quarter of 2026, driven almost entirely by an unrealized loss on its Bitcoin as the price fell, according to Cryptopolitan’s earlier reporting and the company’s July 30 results. The recent sales fund dividends and liquidity rather than new coins, which is why investors will watch whether Strategy resumes buying or keeps prioritizing its balance sheet.

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