Strategy moved on two fronts last week. The company sold 1,690 bitcoin for $108.6 million to fund a preferred-share buyback, according to an SEC filing published Monday. At the same time, it raised $653.1 million through new common stock sales.
The bitcoin sale ran from Aug. 3 through Aug. 9. Average price: $64,262 per coin. Proceeds went to repurchase 1,152,020 shares of STRC preferred stock for $108.6 million, trimming an instrument Strategy has worked to steer back toward its $100 par value. STRC traded below $75 in late June and has since climbed back above $95, The Block reported.
That same week, Strategy sold 6,585,682 MSTR common shares under its at-the-market program, pulling in $653.1 million. Of that, $650 million went straight into the company’s dollar reserve, pushing the balance to $4.65 billion as of Aug. 9. The remaining $3.1 million landed in cash. About $22 billion in capacity is left on the ATM facility.
After both transactions, Strategy holds 840,447 bitcoin. That is roughly 4% of the 21 million supply cap. Total acquisition cost: $63.4 billion, or $75,385 per coin on average. With spot prices near $65,000, the position is worth about $54.7 billion. The gap puts the company at roughly $8.7 billion in unrealized losses.
Both moves were executed under Strategy’s newly adopted Digital Credit Capital Framework. That plan authorizes up to $5 billion in bitcoin monetization, with proceeds earmarked for the dollar reserve, preferred dividends, interest payments, and securities repurchases. It also cleared a $1 billion buyback for digital credit securities, STRC first in line, alongside a separate $1 billion common stock repurchase program. About $785.2 million is left on the STRC repurchase authorization.
The structure is new territory. Strategy has spent years buying bitcoin with equity and debt proceeds, then holding. Selling coins to retire preferred shares while issuing fresh common stock to refill a dollar reserve is a different animal. The treasury engine now runs two channels at once: one liquidating BTC, one printing equity. They pull in opposite directions on the balance sheet.
Co-founder and Executive Chairman Michael Saylor has built a public identity around the phrase “never sell your bitcoin,” addressed the apparent contradiction in a post on X: “When I say ‘Never Sell Your Bitcoin,’ I speak as one saver to another. I have never sold mine. Not one satoshi. Strategy is a public company, not my wallet.”
MSTR closed Friday at $100.01, up 3.3% for the week. The stock is still down about 78% from its summer 2025 peak. Strategy’s enterprise multiple of net asset value, or mNAV, stood at 1.07. Bitcoin gained 2.4% over the same stretch and traded flat Monday near $65,000 after the filing hit, Decrypt noted.
Strategy remains the largest corporate holder of bitcoin, and not by a small margin. The next four closest, Twenty One (43,514 BTC), Metaplanet (43,000 BTC), MARA (35,377 BTC), and Bitcoin Standard Treasury Company (30,021 BTC), hold about 152,000 bitcoin combined. That is less than one-fifth of what Strategy controls. Across the market, 196 public companies have now adopted a bitcoin treasury model, per Bitcoin Treasuries data.
Open questions remain. Whether more bitcoin sales are coming under the $5 billion monetization cap is not addressed in the filing. Nor is it clear whether the STRC buyback will keep running at scale toward that $100 par target. The disclosure covers transactions through Aug. 9. Strategy has not commented beyond the regulatory submission and Saylor’s posts.
