Strategy Inc. sold 1,638 Bitcoin for $104.7 million between July 27 and August 2, according to an SEC 8-K filing disclosed this week. The sale was executed at an average price of $63,957 per coin, well below the company’s overall average acquisition cost of $75,419. The proceeds went toward preferred stock dividend payments and repurchases of STRC preferred shares.
The latest sale brings Strategy’s total Bitcoin disposals this year to more than 5,200 coins. The company previously sold 3,588 BTC for $216 million in early July and 32 BTC for $2.5 million in late May. Each sale marked a departure from Michael Saylor’s long-standing “never sell” pledge, and the cumulative figure now represents a meaningful erosion of the company’s once-unshakable conviction play.
Strategy’s total holdings now stand at 842,138 BTC, purchased at a combined cost of roughly $63.5 billion. At current prices near $64,000, the position carries approximately $10.9 billion in unrealized losses. The company’s average cost basis per coin sits at $75,419, meaning each BTC in the treasury is currently worth about $11,500 less than what Strategy paid for it on average.
The sales are part of a broader capital management framework Strategy introduced earlier this year. Under the BTC Monetization Program, the company can sell Bitcoin to fund USD reserves, preferred stock dividends, interest expenses, and share repurchases. The program has a $1.25 billion capacity, none of which has been used beyond the recent sales. Strategy also sold 3,011,361 MSTR shares for $290.6 million during the same week, directing $250 million into its USD reserve, which now totals $4 billion.
The company maintained STRC’s annual dividend rate at 12 percent and said it does not intend to recommend a reduction until the preferred shares trade consistently near their stated $100 value. Strategy also repurchased 912,143 STRC shares at market price using $81.2 million from the equity sale proceeds.
JPMorgan analyst Nikolaos Panigirtzoglou has characterized the new framework as introducing “avoidable two-way risk,” since Strategy can now be both a buyer and seller of Bitcoin. Bernstein, meanwhile, said the company is unlikely to face forced sales given its liquidity position and reserve coverage. MSTR shares have fallen 41 percent year-to-date, trading near $100 after peaking above $457 earlier in the cycle.
The sales come at a time when Bitcoin itself is trading roughly 48 percent below its all-time high of $126,080, set in October 2025. Strategy’s Q2 filing confirmed $8.32 billion in total digital asset losses for the quarter, including $8.31 billion in unrealized losses as Bitcoin’s market value fell below the company’s aggregate purchase cost.
Sources: Benzinga, Benzinga (July sale), CoinSpeaker
discussion