Michael Saylor's Strategy sells another 1,690 BTC as USD reserve hits $4.65 billion

Bitcoin treasury company Strategy sold 1,690 BTC for approximately $108.6 million between Aug. 3 and Aug. 9 at an average price of $64,262 per bitcoin, according to an 8-K filing with the Securities and Exchange Commission on Monday.

Strategy has therefore reduced its total holdings to 840,447 BTC — worth around $54.7 billion — bought at an average price of $75,385 per bitcoin for a total cost of around $63.4 billion, including fees and expenses.

The firm also sold 6,585,682 MSTR shares for $653.1 million last week, with $22 billion remaining under that at-the-market program, according to the firm.

Proceeds from the sales were used to fund repurchases of 1,152,020 shares in STRC preferred stock and to replenish its USD reserve by $650 million to $4.65 billion as of Aug. 9.

Strategy's holdings still account for around 4% of bitcoin's 21 million supply cap, but carry around $8.7 billion of paper losses at current prices.

Bitcoin traded flat on Monday immediately following the filing, per The Block's BTC price page. MSTR shares are currently up 0.2% in pre-market trading.

'Doing ₿usiness'

Strategy co-founder and Executive Chairman Michael Saylor posted another Strategy bitcoin tracker chart to X on Sunday with the caption "Doing ₿usiness." Saylor's regular Sunday posts have historically been used to telegraph acquisition announcements in advance, but have become more cryptic in recent weeks as the firm's strategy has varied.

Amid Strategy's continued bitcoin sales, Saylor cleared the air on his personal stash last week, contrasting his own preference with company's updated stance.

"When I say 'Never Sell Your Bitcoin,' I speak as one saver to another. I have never sold mine," Saylor wrote in a post to X. "Not one satoshi. Strategy is a public company, not my wallet."

Under its new Digital Credit Capital Framework, Strategy restricted its USD reserve to preferred stock dividends and interest payments, and authorized a $1 billion repurchase program for its digital credit securities, initially prioritizing STRC. It also approved a $1 billion common stock buyback and later expanded its BTC Monetization Program to allow up to $5 billion in bitcoin sales to fund its reserve, dividends, interest payments, and securities repurchases under the framework.

STRC has risen from below $75 in late June back above $95 as the company seeks to return the stock toward its $100 par value.

DATs in the doldrums

Per Bitcoin Treasuries data, 196 public companies have adopted some form of bitcoin acquisition model. Tether-backed Twenty One, Metaplanet, MARA, and Adam Back and Cantor Fitzgerald-backed Bitcoin Standard Treasury Company make up the rest of the top five, with 43,514 BTC, 43,000 BTC, 35,377 BTC, and 30,021 BTC, respectively.

However, the cohort's shares are down significantly from their summer 2025 peaks as their market cap-to-net asset value ratios sharply contracted. MSTR itself is still down around 78%, for example, with an enterprise mNAV of 1.07, according to the firm.

Strategy's stock gained 3.3% last week, closing on Friday at $100.01, according to The Block's MSTR price page. Bitcoin rose 2.4% during the same period.