Strategy Sells 1,638 BTC for $104.7M to Cover Dividends and Fund Buybacks

Strategy sold 1,638 BTC for $104.7 million between July 27 and August 2, at an average price of $63,957 per coin, well below its own $75,419 average purchase price. The sale brought total holdings from 843,776 to 842,138 BTC. Of the proceeds, $52.4 million funded preferred-stock dividends and $52.3 million covered part of this week’s $81.2 million STRC share buyback.

Strategy increased its USD Reserve by $250M and repurchased $81M of $STRC. This increased USD Duration by 57 days to 2.3 years and tightened STRC’s BTC Credit by 5 bps. As of 8/2/26, we hold ₿842,138 in our BTC Reserve and $4.0B in our USD Reserve. $MSTR https://t.co/t7bGZJ8Q3o

— Michael Saylor (@saylor) August 3, 2026

What the Filing Actually Shows

Source	Amount	Use
MSTR stock sales (ATM)	$250.0M	USD Reserve increase
MSTR stock sales (ATM)	$28.9M	Partial STRC buyback funding
Bitcoin sales (1,638 BTC)	$52.4M	Preferred stock dividends
Bitcoin sales (1,638 BTC)	$52.3M	Remainder of STRC buyback funding

Strategy sold 1,638 BTC between July 27 and August 2 for $104.73 million, an average of $63,957 per coin, well below the company’s own $75,419 average purchase price. That brought total holdings down from 843,776 to 842,138 BTC. Roughly half the sale proceeds went to preferred-stock dividends; the other half covered the portion of the $81.2 million STRC buyback that MSTR stock sales didn’t fully fund. The USD Reserve, built entirely from stock sales this period, now stands at $4.0 billion.

BTC Monetization Program Predates This Week’s Sale

Strategy’s Board authorized a BTC Monetization Program on June 29, more than a month before this week’s filing, for three stated purposes: building the USD Reserve, funding preferred dividends and interest, and financing buybacks. This week’s transaction is at least the third disclosed sale under it, following 32 BTC in late May and 3,588 BTC in late June and early July.

Date	BTC Sold	Proceeds
Late May 2026	32	~$2.5M
Late June – Early July 2026	3,588	~$216-218M
July 27 – Aug 2, 2026	1,638	$104.73M

Two days ago, Saylor publicly corrected widespread reporting that had characterized the program as a fresh $5 billion sale authorization triggered by Strategy’s Q2 earnings loss. He noted the program was announced 31 days before those earnings, not after, and reiterated that Strategy has “never had a ‘never sell’ policy” and expects to remain a net buyer of bitcoin over time. The program itself doesn’t set a single $5 billion sale ceiling; that figure is a combined estimate across all three authorized uses, not a target or a limit on any one sale.

The Backdrop This Sale Landed In

This week’s sale happened in the same stretch that Bitcoin traded almost exactly on its 200-week moving average, the level Saylor publicly framed days earlier as a level Bitcoin has historically traded above 92% of the time. Bitcoin has since fallen through that line; as of this week it trades near $62,472, below the roughly $63,500 to $63,800 range cited for that average. Strategy sold bitcoin, rather than buying it, during the exact window its own public framing highlighted as historically significant.

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