Michael Saylor’s Strategy Sells More Bitcoin, Increasing Its Cash Stockpile To $4.6 Billion. Its Stock Is Dropping.

Strategy, the world's largest corporate holder of Bitcoin, has sold another chunk of its cryptocurrency holdings while issuing millions of new shares, building up a multibillion-dollar cash reserve as it tries to strengthen its balance sheet. Its stock is falling.

The company sold 1,690 Bitcoin for about $108.6 million during the seven days ended Aug. 9, marking its second consecutive week of Bitcoin sales after years in which accumulating the cryptocurrency was at the heart of its strategy.

At the same time, Strategy sold approximately 6.6 million shares of its Class A common stock, raising about $653.1 million.

The transactions helped push the company's U.S. dollar reserve to approximately $4.65 billion, according to Strategy's latest filing with the U.S. Securities and Exchange Commission.

The latest moves represent a striking change for a company whose executive chairman and co-founder, Michael Saylor, has spent years promoting an aggressive Bitcoin accumulation strategy.

Strategy used part of the money generated from its Bitcoin sales to repurchase shares of its variable-rate Series A perpetual preferred stock, known as Stretch or STRC.

The company repurchased approximately 1.15 million STRC shares for $108.6 million during the latest reporting period.

STRC has recently been trading below its $100 par value, limiting Strategy's ability to use new STRC issuance as an attractive source of capital.

The preferred shares were falling more than 3% on Monday, clocking in at $96.42 at 2:42 p.m. ET. They have not traded above the $100 level needed to make fresh issuance attractive since early May.

Strategy previously envisioned STRC as an important financing tool that could reduce its reliance on issuing common shares, which can dilute existing MSTR shareholders.

But with STRC trading below par, the company has increasingly turned to other parts of its capital structure.

That has included selling common stock — and, more unusually for Strategy, selling Bitcoin.

The latest transactions come just one week after the company sold 1,638 Bitcoin for approximately $104.7 million and issued roughly 3 million MSTR shares for about $290.6 million.

Strategy also repurchased more than 912,000 STRC shares for approximately $81.2 million during that period.

Despite the recent sales, Strategy remains by far one of the world's biggest institutional holders of Bitcoin.

Following the latest transactions, the company held 840,447 Bitcoin, according to its regulatory filing.

Those coins were acquired for an aggregate purchase price of approximately $63.36 billion, putting Strategy's average purchase price at roughly $75,385 per Bitcoin, The Wall Street Journal reported.

At Bitcoin's recent market price of around $65,000, Strategy's cryptocurrency holdings are worth roughly $55 billion to $58 billion, depending on fluctuations in the digital asset.

The company has now sold roughly $432 million worth of Bitcoin since Saylor began emphasizing a broader capital-management strategy in late May.

That represents a significant philosophical shift for Strategy.

For years, the former enterprise software company repeatedly raised money through stock offerings and debt to purchase additional Bitcoin, transforming itself into what is effectively a publicly traded leveraged Bitcoin vehicle.

Saylor became one of cryptocurrency's most prominent advocates in the process, frequently arguing that companies and investors should convert cash and other assets into Bitcoin.

But Strategy's expanding network of preferred securities, convertible debt and dividend obligations has made maintaining sufficient liquidity increasingly important.

The company formally established its U.S. dollar reserve in December 2025 to help fund preferred-stock dividends and interest payments on outstanding debt.

In May, Strategy said it intended to replenish that reserve over time using different parts of its capital structure depending on market conditions.

At that point, the reserve stood at just $871 million, according to a Strategy capital-structure update filed with the SEC. It has since climbed to approximately $4.65 billion.

Strategy CEO Phong Le said at the time that the company planned to use the "full range of capital management tools available," including disciplined Bitcoin sales.

The growing reserve gives Strategy a larger liquidity cushion as it manages billions of dollars of preferred securities and convertible debt while Bitcoin remains below the company's average acquisition price.

For investors, the latest transactions also reinforce how dramatically Strategy's business has evolved.