Strategy Sells 1,690 Bitcoin, Boosts Cash Reserves to $4.65 Billion

Strategy Inc. announced in its latest SEC Form 8-K filing that it sold 1,690 Bitcoin for aggregate proceeds of $108.6 million (average sale price of $64,262 per BTC) during the week of August 3 to August 9, 2026. Per the filing, net proceeds from the Bitcoin sales were used entirely to fund additional repurchases of the company's Variable Rate Series A Perpetual Stretch Preferred Stock (STRC) under its Digital Credit Securities Repurchase Program.

Over the same period, Strategy continued its at-the-market (ATM) offering program, selling 6,585,682 shares of Class A common stock (MSTR) for net proceeds of $653.1 million. Of that amount, $650.0 million was allocated to increase the company's USD Reserve, while $3.1 million was added to the general cash balance. No shares of STRF, STRC, STRK, or STRD were sold under the ATM during the period.

Under the $1 billion Digital Credit Securities Repurchase Program, Strategy repurchased 1,152,020 shares of STRC for an aggregate purchase price of $108.6 million — funded directly by the week's Bitcoin sales rather than the USD Reserve. No shares of STRF, STRK, STRD, or MSTR were repurchased. Approximately $785.2 million remains available under the preferred-stock repurchase authorization, while roughly $1.0 billion remains available under the separate MSTR common stock repurchase program. STRC traded at $95.50 in pre-market Monday, up 6% over the past five trading days and off $4.50 from its $100 par value.

These actions lifted Strategy's USD Reserve to $4.65 billion as of August 9, 2026, up from $4.0 billion just a week earlier. The larger buffer further extends the company's capacity to cover dividends on its preferred securities — including STRC — even through an extended, severe drawdown in Bitcoin's price. Bitcoin holdings declined to 840,447 BTC, with an aggregate cost basis of $63.36 billion (average purchase price of $75,385 per BTC).

This week's filing effectively merges the two threads Strategy has been running since late July: opportunistic, small-scale Bitcoin sales to fund preferred-stock buybacks, and steady MSTR issuance to keep growing the USD Reserve. Rather than splitting Bitcoin-sale proceeds between dividends and buybacks as it did the prior week, Strategy directed the full $108.6 million toward STRC repurchases, while ATM proceeds alone covered the $650 million reserve build. The STRC repurchases, again executed at levels management considers accretive, continue to chip away at future preferred dividend obligations without touching the core Bitcoin treasury.

With roughly $785 million of preferred repurchase capacity still available and cash reserves now approaching $4.65 billion, Strategy has meaningfully widened its margin for error since the buyback program began just two weeks ago. The pattern is consistent: modest Bitcoin sales at the margin, continued equity issuance, and disciplined buybacks of its own digital credit securities — all while the vast majority of its 840,447 BTC position remains untouched.

Michael Saylor's Strategy continues to demonstrate that active capital management and a long-term Bitcoin accumulation strategy aren't mutually exclusive. By steadily growing its cash buffer, shrinking its preferred share count, and only trimming Bitcoin holdings at the margin, the company is reinforcing dividend sustainability on instruments like STRC while preserving optionality to resume accumulation once market conditions turn favorable.