Strategy is no longer just a company that accumulates bitcoin regardless of price. Within a single week, it sold 1,690 BTC for $108.6 million and used the proceeds to buy back STRC preferred shares. The sale took place at an average of $64,262 per bitcoin, significantly below the company’s overall average acquisition cost of $75,385.
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Bitcoin is no longer an untouchable reserve
Between August 3 and 9, Strategy reduced its bitcoin position by 1,690 BTC, leaving it with 840,447 bitcoins after the transaction. Moreover, this is not the first such move. The company has been selling for the second consecutive week, and since the beginning of 2026, it has already released a total of 6,948 BTC. Nevertheless, it remains by far the largest publicly traded corporate holder of bitcoin.
However, the main attraction is how it manages the released capital. The entire $108.6 million from the latest sale went toward buying back approximately 1.15 million STRC preferred shares. These trade below their par value of $100, and Strategy is attempting to bring the price back closer to this threshold through these purchases. For the first time on a larger scale, bitcoin is not only acting as a long-term asset but as a source of financing for other parts of the corporate structure.
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The bitcoin strategy is becoming a capital carousel
At the same time, the company is building a significantly larger cash cushion. Its dollar reserve grew during the week from approximately four billion to $4.65 billion, primarily through the sale of MSTR shares. Strategy is thus working with several sources of capital simultaneously in one period – selling part of its BTC, issuing its own shares, and shifting the proceeds between cash, dividends, and STRC buybacks.
The sale of 1,690 BTC itself does not represent a dramatic change given the size of the company’s reserve. More important, however, is the new pattern of behavior. If similar transactions become the norm, Strategy can no longer be perceived solely as an endless buyer of bitcoin. Its model is gradually transforming into a complex financial system in which BTC serves as one of several tools for capital management. In the event of a prolonged market decline, the company could increasingly find itself on the selling side.
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