Strategy still sells Bitcoins to strengthen its financial structure

For years, Strategy has embodied a simple belief: buy bitcoin, again and again. However, Michael Saylor’s company has just broken with this principle. In a document filed this Monday, August 10, 2026 with the SEC, it announced that it had sold 1,690 bitcoins for net proceeds of $108.6 million, in order to reorganize part of its debt. This turnaround, unprecedented for the largest institutional holder of bitcoin in the world, rekindles the debate on the place of BTC in the financial management of large companies.

A strategic sale of bitcoins and the restructuring of STRC preferred shares

While Michael Saylor maintained the suspense over a new acquisition, Strategy carried out between August 3 and 9, 2026 selling 1,690 bitcoins at an average net price of $64,262 per unitgenerating net proceeds of $108.6 million. All of the funds raised during this transaction were immediately re-injected into the repurchase of 1,152,020 floating rate Class A perpetual preferred shares, identified under the symbol STRC. This is the second consecutive week of sales for the company, which had already sold 1,638 BTC for $104.73 million between July 27 and August 2.

This transaction also marks the fourth bitcoin sale reported by the company since the start of the year, bringing the total annual sales to 6,948 BTC. Despite these targeted sales, the firm’s overall treasury remains colossal with a balance of 840,447 bitcoins, acquired for an aggregate amount of $63.36 billion, or an average purchase cost of $75,385 per token, fees and expenses included.

In terms of financial engineering, this operation is part of the digital credit securities repurchase program announced on June 29, 2026. Following this $108.6 million transaction, Strategy still retains $785.2 million available under this specific program to continue the acquisition of its preferred shares, while a separate envelope of $1 billion remains open for possible repurchases of Class A common shares.

The stock market reacted positively to this active management of preferential debt. Thus, the STRC title increased by 0.46% during trading before the opening of the stock market this Monday, August 10 to settle at 95.45 dollars, confirming the rebound dynamic initiated since its low in June, during which the preferred share regained more than 24% of its value after having crossed the threshold of 90 dollars at the beginning of August. In the filed form sent to the SECThese operations are summarized through several key indicators:

• A targeted sale of BTC: 1,690 bitcoins sold for a net total of $108.6 million (average net price of $64,262 per unit);
• The repurchase of STRC shares: this is a direct acquisition of 1,152,020 variable rate preferred shares using the entire net proceeds of the sale;
• The history of the year: this is the fourth sale bringing the total sold to 6,948 BTC, following the sale of 1,638 BTC concluded last week for $104.73 million;
• Strategy keeps 840,447 bitcoins purchased for 63.36 billion.

A massive influx of liquidity for a consolidation of the fiduciary reserve

Alongside arbitrage on its crypto portfolio, Strategy has led a major offensive into the MSTR common stock market through its At-The-Market offering program. The company disposed of 6,585,682 shares of common stock, generating an impressive net proceeds of $653.1 million.

The distribution of this capital raising was done in a very targeted manner: $650 million was directly allocated to strengthening the company’s US dollar fiduciary reserve, while the remaining $3.1 million came to contribute to current cash flow. This massive infusion of new money propelled Strategy’s dollar reserve to a record high of $4.65 billion as of Aug. 9, up from about $4 billion at the previous weekly update.

Indeed, this fiduciary reserve is specifically sized to guarantee the continued payment of monthly dividends attached to the preferred shares and to cover the interest service on the company’s bond debt. By combining the sale of MSTR common shares and the growth of its US dollar reserve, the firm ensures immediate liquidity without depending on short-term fluctuations in the crypto market. The stock markets welcomed this consolidation with equanimity, as in pre-opening trading this morning, MSTR common stock was up slightly by 0.25%, trading at $100.26.

Risk modeling during the Saylor era

Explaining the scope of these simultaneous adjustments, Michael Saylor clarified that “Strategy increased its USD reserve by $650 million and bought $109 million of STRC”. The direct impact of this double movement on the financial resilience of the firm was clearly quantified by the manager. He then stressed that these operations “increased our USD duration by 143 days to 31 months”. In addition, he adds that the maneuver made it possible to “tighten STRC’s BTC Credit by 10 basis points”. These metrics are based on a rigorous internal credit model developed by Strategy, which simulates financial liabilities under assumptions including a 10% annual appreciation of bitcoin, an implied volatility of 40% and a reference price of the asset set at $64,915.

Such statements confirm a fundamental evolution in the management of the company’s assets. The process shows that management no longer hesitates to occasionally use its bitcoin reserve as an active cash flow tool to optimize the structure of its share capital and reduce the pressure linked to its preferred securities. Instead of adopting a posture of blind accumulation, the company adjusts the weighting between its debt obligations, its capital stock and its crypto balance sheet to maintain a sustainable financial balance over the long term.

By observing the trajectory drawn by these recent operations, it becomes clear that Strategy is not seeking to divest its balance sheet from bitcoin, but rather to build a watertight financial ecosystem capable of weathering the most violent cycles of volatility. By marginally transforming a portion of its reserve into a preferred securities buyback tool while accumulating $4.65 billion in tight liquidity, the company creates a closed circuit where equity, debt and digital assets reinforce each other.

For institutional investors, this strategy shows new financial maturity. Bitcoin is no longer just a passive store of value kept indefinitely, but becomes an active cash lever serving the sustainability of the balance sheet. If this approach makes it possible to secure nearly three years of financial commitments without depending on the immediate increase in prices, it nevertheless requires meticulous monitoring of the dilution linked to MSTR share issues and the company’s capacity to maintain this complex balance during the next market deadlines.