Strategy Sells Bitcoin Below Cost While Saylor Insists He Never Sold His Own

Strategy sold 1,690 bitcoin below its average cost

Strategy sold 1,690 bitcoin for about $108.6 million between August 3 and 9, 2026. The average sale price was $64,262 per coin, roughly 15% below the company's average purchase price of $75,385. This was Strategy's third bitcoin sale of the year. The company directed the proceeds toward buybacks of its STRC preferred stock, which had traded under its target price.

Strategy raised its cash reserve to $4.65 billion

Strategy sold 6,585,682 MSTR shares for $653.1 million through its at-the-market (ATM) equity program. About $650 million went into its US dollar reserve, which reached $4.65 billion as of August 9. The company also repurchased 1,152,020 shares of its STRC preferred stock. The ATM program lets Strategy issue new shares into the market at prevailing prices. Roughly $22 billion remains available under it. STRC stock rose from below $75 in late June to above $95 over the same stretch.

Bitcoin traded near $64,000 at time of publication

Bitcoin traded at $63,943 at the time of publication, down 1.8% over the past 24 hours (CoinPaprika, 11 August 2026). The price sat about 49% below its October 2025 record of $126,173. Strategy's holdings carried a cost basis of roughly $63.4 billion, including fees. At recent prices, that left the company with a paper loss of about $8.7 billion. Bitcoin rose 2.4% during the week of Strategy's latest sale.

Saylor separated his personal holdings from Strategy

Executive Chairman Michael Saylor drew a line between his own bitcoin and the company's treasury. He said Strategy operates as a public company with financial obligations, while his personal position has not changed. Strategy has disclosed since 2020 that it may buy or sell bitcoin to manage capital. Saylor made the comment as some observers questioned whether the sales broke from his long-standing message.

"When I say 'Never Sell Your Bitcoin,' I speak as one saver to another. I have never sold mine. Not one satoshi. Strategy is a public company, not my wallet.", 3 August 2026. — Michael Saylor, Executive Chairman, Strategy

Strategy still holds the largest corporate bitcoin treasury

Even after the sale, Strategy holds 840,447 BTC, the largest corporate bitcoin treasury. That total equals about 4% of bitcoin's 21 million supply cap. The next-largest corporate holders are Twenty One with 43,514 BTC and Metaplanet with 43,000 BTC, followed by MARA with 35,377 BTC and Bitcoin Standard Treasury Company with 30,021 BTC. About 196 public companies have now adopted bitcoin treasury models.

Investors gave the disclosure a muted response

MSTR shares gained 3.3% over the prior week and closed Friday at $100.01. The stock then edged up 0.2% in pre-market trading after the filing. MSTR trades roughly 78% below its peak, with an enterprise multiple of net asset value of 1.07. The metric compares the company's market value to its bitcoin and cash holdings.