TL;DR

Strategy sold 1,690 BTC for about $108.6 million at an average price of $64,262, while raising $653.1 million through MSTR share sales.
The company directed $650 million into its U.S. dollar reserve, lifting the balance to $4.65 billion, while bitcoin holdings fell to roughly 840,000 BTC.
Strategy’s updated capital framework allows bitcoin sales to fund reserves, dividends, interest and repurchases, separating corporate treasury policy from Michael Saylor’s “never sell” position.

Strategy sold 1,690 BTC last week for about $108.6 million, a move that stands out after years of building its identity around aggressive bitcoin accumulation. The coins were sold between Aug. 3 and Aug. 9 at an average price of $64,262, while the company simultaneously raised $653.1 million through sales of 6.59 million MSTR shares. The striking shift is that Strategy is now using bitcoin itself as a source of corporate liquidity, showing how its treasury model has evolved beyond simple accumulation as market conditions and capital needs change for shareholders watching the pivot unfold.

Bitcoin sales now support Strategy’s broader capital framework

The bitcoin sale proceeds were directed toward Strategy’s capital structure rather than ordinary operating spending. The company used $108.6 million to repurchase 1,152,020 shares of STRC, its variable-rate preferred stock. Separately, $650 million from MSTR share sales was transferred into the company’s U.S. dollar reserve, taking that balance to $4.65 billion as of Aug. 9, with another $3.1 million added to cash. Strategy is effectively balancing bitcoin, common equity, preferred securities and cash inside one increasingly complex financing system. That reserve serves as a buffer for obligations under its financing framework as market conditions shift.

The latest transactions leave Strategy with roughly 840,000 BTC, still representing about 4% of bitcoin’s fixed 21 million supply cap. The holdings were acquired for around $63.4 billion at an average purchase price of $75,385 per bitcoin, meaning the company remains exposed to significant unrealized losses at current market levels. That makes the decision to sell below its average acquisition cost especially notable, although the company’s updated framework explicitly allows bitcoin monetization to fund reserves, dividends, interest obligations and securities repurchases rather than treating every coin as permanently untouchable during a still-volatile bitcoin market cycle.

Michael Saylor has also drawn a distinction between his personal bitcoin philosophy and Strategy’s corporate policy. He recently said he has never sold his own bitcoin, while emphasizing that Strategy is a public company rather than his personal wallet. The company’s Digital Credit Capital Framework authorizes up to $5 billion in bitcoin sales, alongside $1 billion programs for preferred-stock and common-stock repurchases. The contradiction is more apparent than absolute: Saylor’s personal “never sell” stance now coexists with a corporate strategy that treats bitcoin as deployable treasury capital rather than an asset that can never move.