MicroStrategy (now Strategy) disclosed another Bitcoin (BTC) sale on Monday, offloading 1,690 BTC for $108.6 million. Every dollar went into buybacks of its STRC preferred stock.

The company still holds 840,447 BTC, the largest corporate Bitcoin treasury. However, it now sells coins below cost to repair a preferred stock that will not hold its intended price.

Inside the Latest Strategy Bitcoin Sale

The sale ran from August 3 to August 9 at an average price of $64,262 per coin. Strategy detailed the transaction in a Form 8-K filing with the US Securities and Exchange Commission (SEC).

Net proceeds funded the repurchase of 1,152,020 shares of STRC. That security is the variable-rate perpetual preferred stock Strategy issued to help finance its Bitcoin accumulation. Its dividend resets monthly, currently at 12% annualized, to keep the share price near a $100 par value.

The market has resisted the design. STRC closed Friday at $95.01, up 1.16%, after sinking as low as $71.25 within the past year. It ticked up to $95.55 in Monday’s pre-market.

The transaction extends a clear pattern. Strategy sold 1,638 BTC one week earlier, marking consecutive weeks as a net seller. The filing listed no new Bitcoin purchases for the period.

Meanwhile, the remaining stack cost $63.36 billion to build, an average of $75,385 per coin. Every disposal near current prices locks in a loss against that basis. Executive chairman Michael Saylor, for his part, maintains he has never sold personally.

MSTR Share Sales Lift the USD Reserve to $4.65 Billion

Strategy also sold 6,585,682 MSTR shares through its at-the-market (ATM) equity program, raising $653.1 million. It routed $650 million of that into its USD reserve, which now stands at $4.65 billion.

Saylor framed the week as a credit exercise rather than a retreat from Bitcoin.

“Strategy increased its USD Reserve by $650M and repurchased $109M of $STRC. This increased USD Duration by 143 days to 2.7 yrs and tightened STRC’s BTC Credit by 10 bps. As of 8/9/26, we hold ₿840,447 in our BTC Reserve and $4.65B in our USD Reserve,” Saylor wrote.

The buyback consumed most of the remaining preferred repurchase authorization, leaving $785.2 million available. In contrast, roughly $22 billion in MSTR issuance capacity remains untouched.

MSTR closed Friday at $100.01, up 3.26%, but edged 0.21% lower in Monday’s pre-market.

Why Strategy Keeps Selling Bitcoin

The behavior traces back to the Digital Credit Capital Framework, a plan adopted in late June. It authorizes limited Bitcoin sales to fund preferred dividends, buybacks, and cash reserves when issuing equity looks less attractive.

Since then, Strategy has paused new Bitcoin purchases while raising cash almost every week. The company argues the reserve now covers years of dividend obligations across its preferred stack.

The repair effort shows partial results. STRC has recovered roughly 33% from its lows. Even so, a 12% dividend and $109 million of buybacks have not yet closed the gap to par.

Bitcoin traded near $65,019 on Monday, up 1.5% over 24 hours. That leaves the market roughly 13% below Strategy’s average purchase price.

Upcoming filings will show whether weekly sales continue or accumulation resumes. Either way, shareholders confront a big MSTR trade-off. Their Bitcoin proxy has become a treasury actively managed to serve its own capital structure.

Source: BeInCrypto