Strategy Sold Some Bitcoin…Again

THE GIST

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There are two ways to run a religion. Hold the line on doctrine and go broke, or quietly break your own commandment and live to preach another Sunday. Michael Saylor has picked door number 2, and the congregation, after a few weeks of shrieking, has mostly forgiven him. The uncomfortable thing for the Bitcoin faithful now is that he was probably right to do it.

WHAT HAPPENED

Strategy Inc. reported Q2 2026 earnings last week, and the company that everyone had spent June and July writing obituaries for is still standing. Cash reserves came in at $5.7 billion, the gross dollar value of Strategy's Treasury Reserve, with net reserves of $3.57 billion after senior claims and financial obligations. Both were up.

Getting there required Saylor to do the one thing he swore he never would. STRC, the company's high-yield fixed-income instrument, broke its $100 peg and sank to $70, and Strategy started selling Bitcoin to cover dividend costs.

The most recent batch went out between July 27 and August 2: 1,638 BTC for roughly $104.7 million at an average price of $63,957, plus another $290.6 million raised through common stock sales, per CoinDesk. Strategy's own X post on August 3 framed this as a $250 million boost to its USD Reserve and an $81 million buyback of STRC (912,143 shares), noting it had "increased USD Duration by 57 days to 2.3 years and tightened STRC's BTC Credit by 5 bps." What the post skipped: against a cost basis of $75,419 per BTC, that sale booked a loss of about $20 million.

Three larger batches have gone out since June, along with a token 32 BTC in late May, disclosed June 1:

• June 29 to 30: 1,363 BTC for $80.8 million, roughly $59,256 each

• July 1 to 5: 2,225 BTC for $135.2 million, roughly $60,773 each

• July 27 to August 2: 1,638 BTC for $104.7 million, roughly $63,957 each

Markets have shrugged. STRC is back to $91.76 at the time of writing from $71, though MSTR remains down 85% from its November 2024 high.

Saylor, who is starting to sound like a decentralized theocrat who happens to hold the title of executive chairman, offered the faithful "volatility is a gift" and insists the whole episode is a waypoint on the road to trillions in "digital credit."

WHY IT MATTERS

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The apostasy is smaller than the noise around it. Strategy has sold roughly 5,226 BTC for about $320.73 million while still sitting on 842,138 BTC, or 4.01% of total supply, worth around $63.51 billion.