Strategy sold another 1,690 BTC below cost, and used stock sales to top up a $4.65 billion cash pile

Strategy disclosed in an 8-K filed Monday that it sold 1,690 bitcoin between Aug. 3 and Aug. 9 for roughly $108.6 million, at an average price of $64,262 per coin. The Block, CoinDesk and Decrypt each reported the filing within about fifteen minutes of one another, and their figures agree on every material line.

The sale price matters more than the size. Strategy's remaining 840,447 BTC were acquired for about $63.4 billion, an average of $75,385 per coin. Selling at $64,262 means the company disposed of coins roughly $11,100 below its blended cost basis — about $18.8 million of value on this tranche alone, measured against that average. At bitcoin's Monday level near $65,000, the stack is worth around $54.7 billion, leaving roughly $8.7 billion of unrealized loss, per The Block's arithmetic on the filing.

Where the money went

The mechanics are the story. Strategy did not sell bitcoin to raise general cash. It sold bitcoin to buy back its own preferred stock.

According to the filing as reported by CoinDesk, the entire $108.6 million of bitcoin proceeds went to repurchase 1,152,020 shares of STRC, the company's variable-rate preferred series. That works out to roughly $94.27 a share against STRC's $100 par value — the company retiring its own credit at a discount.

Separately, and in the same reporting week, Strategy sold 6,585,682 MSTR common shares for $653.1 million — about $99.17 a share, just under Friday's $100.01 close. Of that, $650 million went into the USD reserve, lifting it to $4.65 billion as of Aug. 9, with the remaining $3.1 million added to cash. The Block reports $22 billion of capacity still available under the at-the-market program, citing the company.

Both sit inside the Digital Credit Capital Framework Strategy adopted earlier. Under it, per The Block, the USD reserve is ring-fenced for preferred dividends and interest payments; a $1 billion repurchase program covers the digital credit securities, with STRC first in line; a separate $1 billion common-stock buyback is authorized; and the BTC Monetization Program was expanded to permit up to $5 billion of bitcoin sales to fund the reserve, dividends, interest and securities repurchases.

CoinDesk reports $785.2 million remaining under the preferred repurchase program and the full $1 billion still available for common-stock buybacks. Subtract last week's $108.6 million from the $1 billion authorization and you get $891.4 million — the gap implies roughly $106 million of earlier preferred repurchases under the same program. Neither outlet details those prior buys.

The Saylor line

Executive Chairman Michael Saylor posted a Strategy bitcoin tracker chart to X on Sunday captioned "Doing ₿usiness." The Block notes those Sunday posts historically telegraphed purchases and have turned more ambiguous as the company's direction changed.

Last week Saylor drew a line between himself and the balance sheet he built: "When I say 'Never Sell Your Bitcoin,' I speak as one saver to another. I have never sold mine," he wrote on X, per The Block. "Not one satoshi. Strategy is a public company, not my wallet."

The cohort

Bitcoin Treasuries data cited by The Block counts 196 public companies running some form of bitcoin acquisition model. After Strategy, the largest are Tether-backed Twenty One (43,514 BTC), Metaplanet (43,000), MARA (35,377), and the Adam Back- and Cantor Fitzgerald-backed Bitcoin Standard Treasury Company (30,021). The group's shares are well off their summer 2025 highs as market-cap-to-NAV multiples compressed. MSTR is down roughly 78% from that peak, with an enterprise mNAV of 1.07 — a figure The Block attributes to the company itself.

Key facts

• 1,690 BTC sold Aug. 3–9 for ~$108.6 million, average $64,262/coin, net of fees and expenses — 8-K filed Aug. 10, per The Block and CoinDesk.
• Holdings now 840,447 BTC, cost $63.36–63.4 billion, average $75,385/coin — The Block, CoinDesk.
• 6,585,682 MSTR shares sold for $653.1 million; $650 million to the USD reserve, $3.1 million to cash — CoinDesk; The Block adds $22 billion remaining under the ATM.
• USD reserve $4.65 billion as of Aug. 9 — both outlets.
• 1,152,020 STRC preferred shares repurchased for $108.6 million (~$94.27/share vs $100 par) — CoinDesk.
• $785.2 million left under the preferred repurchase program; $1 billion under the common buyback — CoinDesk.
• ~$8.7 billion unrealized loss on the stack; holdings ≈4% of the 21 million supply cap — The Block.
• MSTR closed Friday at $100.01, up 3.3% on the week; bitcoin up 2.4% over the same stretch — The Block's MSTR and BTC price pages.
• Monday pre-market: The Block put MSTR up 0.2%; CoinDesk put MSTR and STRC each up 0.5%. Bitcoin: "flat" (The Block), "near $65,000" (CoinDesk), $64,860 on Decrypt's ticker.

The real-world read

The reversal is the news, not the tonnage. 1,690 coins is a rounding error against 840,447. What isn't a rounding error is a company built on an explicit never-sell doctrine now selling weekly, at a loss to its own average basis, with a board-approved program authorizing up to $5 billion more. Saylor's "one saver to another" post is a reframing after the fact — the slogan was corporate branding for years, and it is being retired at the corporate level while retained personally.

Follow the direction of the flows. Common equity is being issued near $99 a share to fund a cash reserve that exists to pay preferred dividends. Bitcoin is being sold below cost to retire preferred stock at roughly $94 against $100 par. Both legs shrink the bitcoin-per-share denominator that justified the premium in the first place. With an enterprise mNAV of 1.07 — the company's own number — the equity issuance is barely accretive to NAV, and the $22 billion of remaining ATM capacity means the engine has plenty of runway left.

"Paper losses" is a softening word. The $8.7 billion figure is unrealized only for coins still held. Every sale under the monetization program converts a slice of it into a realized loss. No source gives a running total of realized losses since the program began, and the filings as reported don't break it out.

What isn't disclosed. STRC's dividend rate and shares outstanding, the target size of the USD reserve, the roughly $106 million of implied earlier preferred repurchases, and whether further bitcoin sales are already scheduled. Also unstated: why $4.65 billion is the right reserve level.

Framing to discount. The same filing produced two headlines — The Block led with the bitcoin sale, CoinDesk with the $653 million raised. Both are accurate; the second is the friendlier read. The mNAV and ATM-capacity figures come from Strategy. Note also that The Block's page carried promotional placements for LMAX Digital and Polymarket, and that The Block discloses Foresight Ventures as its majority investor, with Bitget an anchor LP. Decrypt's page was largely a price ticker. All three are secondary; the underlying primary document is the 8-K itself.

Opinion, and whose

• Michael Saylor (Strategy co-founder and executive chairman), on X: he has never sold any of his personal bitcoin, and "Strategy is a public company, not my wallet." His view, about his own holdings.
• The Block's reading that Saylor's Sunday tracker posts have "become more cryptic" as the strategy shifted is that outlet's interpretation, not a company statement.
• The characterization of digital asset treasury companies as being "in the doldrums" is The Block's framing, supported by the mNAV compression it cites.
• No source in this reporting forecasts where Strategy's bitcoin position, MSTR or STRC goes next, and neither will we.

Sources

• The Block, James Hunt (Aug. 10) — 8-K details, holdings and cost basis, $22 billion ATM capacity, unrealized loss, Digital Credit Capital Framework terms, STRC's move from below $75 to above $95, Bitcoin Treasuries cohort data, Saylor's X posts, MSTR/BTC weekly performance. Page carried advertising placements (LMAX Digital, Polymarket); outlet discloses Foresight Ventures as majority investor.
• CoinDesk (Aug. 10) — share counts for the STRC repurchase and MSTR sale, the $650 million/$3.1 million split, remaining program capacity, Monday pre-market moves.
• Decrypt (Aug. 10) — corroborating headline figures and a spot bitcoin quote of $64,860.
• Underlying primary document — Strategy's Form 8-K filed with the SEC on Aug. 10, as reported by all three outlets.

Not financial advice. Figures are as filed and reported; verify against the 8-K before acting on anything here.