Summary
Michael Saylor's Strategy (formerly MicroStrategy) sold 1,638 Bitcoin for approximately $104.7 million last week, reducing its total holdings to 842,138 BTC — roughly 4% of Bitcoin's total supply. The company used proceeds to repurchase $81.2 million of its STRC preferred stock and increase its USD reserve to $4 billion. This is Strategy's third Bitcoin sale of 2026, following a pattern of selling BTC to fund share buybacks and dividends while maintaining its position as the largest corporate Bitcoin holder.
Key Facts
- Sold: 1,638 BTC for ~$104.7M
- Remaining holdings: 842,138 BTC (~$52.65B at current prices)
- USD Reserve: $4B (up $250M)
- STRC buyback: $81.2M
- USD Duration: 2.3 years (up 57 days)
- BTC Credit tightened by 5 bps
- Estimated paper loss on remaining holdings: ~$10.9B at current prices
- Third Bitcoin sale of 2026 (previous: 3,588 BTC in early July)
- Strategy's mNAV has lost two-thirds of its value in two years
Why It Matters
Strategy's continued Bitcoin sales mark a significant shift from its "buy and hold forever" strategy. The company is now actively managing its Bitcoin position to fund capital structure operations — buying back STRC preferred stock and building a USD reserve to service its convertible note obligations. The $4B USD reserve and 2.3-year USD duration suggest Saylor is preparing for a prolonged bear market or regulatory uncertainty. The sales also reduce the premium (mNAV) that has historically allowed Strategy to issue equity and buy more Bitcoin. If the mNAV compression continues, Strategy's ability to raise capital for additional Bitcoin purchases will be constrained, potentially ending the positive feedback loop that drove its accumulation.