Strategy Sells Bitcoin and MSTR Shares – Here Is Why Its Treasury Strategy Is Shifting

• Strategy sold 1,690 Bitcoin for roughly $108.6 million while raising another $653.1 million through MSTR share sales.
• The Bitcoin proceeds were used to repurchase STRC preferred stock rather than being added to Strategy’s cash reserves.
• Strategy still holds 840,447 BTC, while its USD Reserve has climbed to approximately $4.65 billion.

Strategy made a notable change to its Bitcoin strategy last week, selling 1,690 BTC while simultaneously raising hundreds of millions of dollars through common stock issuance.

According to an 8-K filing, Strategy sold 6,585,682 shares of its Class A common stock between August 3 and August 9, generating approximately $653.1 million in net proceeds. Of that amount, $650 million was directed into the company’s USD Reserve, while another $3.1 million was added to its cash balance.

The transaction leaves Strategy with substantial room to raise additional capital. As of August 9, the company reported approximately $22.04 billion of remaining issuance capacity under its MSTR at-the-market stock program.

Strategy Sells $108.6 Million in Bitcoin

The more unusual move came from Strategy’s massive Bitcoin treasury. During the same period, the company sold 1,690 BTC at an average price of $64,262 per coin, generating approximately $108.6 million in net proceeds.

Rather than using that money for operating expenses, Strategy directed the proceeds toward repurchasing shares of its Variable Rate Series A Perpetual Stretch Preferred Stock, known as STRC.

The company bought back 1,152,020 STRC shares for approximately $108.6 million under its Digital Credit Securities Repurchase Program. Strategy did not repurchase any STRF, STRK, STRD, or MSTR common shares during the period.

Strategy Still Holds 840,447 Bitcoin

Despite selling part of its Bitcoin position, Strategy remains an enormous corporate holder of the cryptocurrency. As of August 9, the company reported owning 840,447 BTC acquired at an average purchase price of $75,385 per Bitcoin.

The sale therefore represents only a small portion of Strategy’s overall Bitcoin holdings, but it remains significant given the company’s long-standing reputation for aggressively accumulating BTC.

Strategy also has considerable capacity remaining under its capital programs. Approximately $785.2 million remains available through its Digital Credit Securities Repurchase Program, while another $1 billion remains authorized for potential MSTR common stock repurchases.

Strategy Builds Its USD Reserve

Strategy did not sell any STRF, STRC, STRK, or STRD preferred shares through its ATM programs during the week.

As of August 9, remaining issuance capacity stood at approximately $1.62 billion for STRF, $17.51 billion for STRC, $2.1 billion for STRK, and $4.01 billion for STRD.

Meanwhile, the company’s USD Reserve has grown to approximately $4.65 billion, including proceeds from unsettled ATM transactions. Strategy maintains this reserve primarily to support preferred stock dividend payments and interest obligations on outstanding debt.

The combination of Bitcoin sales, common stock issuance, preferred share repurchases, and a growing cash reserve shows Strategy actively managing a much more complex balance sheet than its Bitcoin-focused reputation might suggest. Even after the 1,690 BTC sale, however, Bitcoin remains at the center of the company’s treasury, with more than 840,000 coins still on its books.

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