Strategy Sold Bitcoin Again — 1,638 BTC for $105 Million to Fund Dividends and Share Buybacks

Strategy (MSTR) sold approximately 1,638 Bitcoin (BTC) for almost $105 million between July 27 and August 2 at an average price of $63,957 per coin, according to a Monday filing. 

Strategy Changed How It Operates 

The company simultaneously offloaded 3 million MSTR common shares for $290.6 million and repurchased approximately $81 million of its STRC preferred shares, which have been trading below par. 

A portion of the common stock proceeds went toward increasing the company’s dollar-based reserve pool to $4 billion, with the remainder used to repurchase preferred shares.

Strategy increased its USD Reserve by $250M and repurchased $81M of $STRC. This increased USD Duration by 57 days to 2.3 years and tightened STRC’s BTC Credit by 5 bps. As of 8/2/26, we hold ₿842,138 in our BTC Reserve and $4.0B in our USD Reserve. $MSTR https://t.co/t7bGZJ8Q3o

— Michael Saylor (@saylor) August 3, 2026

For years, Strategy operated under a framework that treated Bitcoin accumulation as its primary objective and resisted selling under virtually any circumstance. 

That posture has changed. Since June, Strategy has sold Bitcoin on multiple occasions and last week disclosed it had repurchased a portion of its STRC preferred stock for the first time — a security that was designed to trade at or near its $100 par value but has fallen below it.

The individual transactions remain small relative to Strategy’s overall balance sheet. The company held 843,775 Bitcoin as of late July, making the 1,638 coins sold last week less than 0.2% of total holdings. 

But the pattern of activity — Bitcoin sales, preferred buybacks, and continued share issuance — signals that the company is actively managing its capital structure rather than simply accumulating.

Q2 Numbers Were Bad 

The context is last week’s second-quarter (Q2) results, which were released Thursday. Strategy reported a net loss of $8.22 billion for the three months ended June 30, or $24.45 per diluted share, compared to net income of $10.02 billion, or $32.60 per share, in the same period a year earlier. 

The loss stemmed almost entirely from an $8.32 billion unrealized decline in the value of its Bitcoin holdings as prices fell during the quarter — an accounting charge rather than a cash loss, but a significant figure nonetheless. 

Revenue came in at $122.4 million, up 6.9% from the year-earlier period but fractionally below Wall Street’s expectation of $122.9 million. The company recorded an operating loss of $8.33 billion for the quarter, against operating income of $14.03 billion a year earlier when rising Bitcoin prices produced a large unrealized gain.

What Comes Next For Bitcoin

Bitcoin is trading at $62,800 at the time of writing, down from the $63,957 average at which Strategy sold last week. The token has been range-bound between $62,000 and $66,000 for most of July, unable to break through the resistance zone that sits between the 50-day and 100-day exponential moving averages at $64,288 and $64,891, respectively. 

The technical picture remains bearish — Bitcoin is trading below all three key moving averages, and volume across spot markets has hit its lowest monthly average since November 2023, according to K33 Research. The $62,223 level is the nearest significant support. Losing it would open the path toward $60,000.

Five macro events this week could force a directional move — ISM Manufacturing PMI today, JOLTS data and SpaceX’s first earnings Tuesday, the BOJ June meeting minutes Wednesday, a $100 billion SpaceX share unlock Thursday, and US unemployment data Friday alongside the last realistic day for the CLARITY Act to pass before the Senate’s August recess. 

Featured image generated with OpenArt.