Strategy (formerly MicroStrategy) disclosed another Bitcoin sale on Monday, offloading 1,690 BTC for $108.6 million.
Every dollar went into buybacks of its STRC preferred stock, according to a Form 8-K filing with the SEC.
Inside the latest sale
The sale ran from August 3 to August 9 at an average price of $64,262 per coin.
Net proceeds funded the repurchase of 1,152,020 shares of STRC, the variable-rate perpetual preferred stock Strategy issued to help finance its Bitcoin accumulation.
Its dividend resets monthly, currently at 12% annualized, to keep the share price near a $100 par value.
The market has resisted the design. STRC closed Friday at $95.01 after sinking as low as $71.25 within the past year.
The transaction extends a clear pattern, as Strategy sold 1,638 BTC one week earlier, marking consecutive weeks as a net seller.
A treasury managing itself
The company still holds 840,447 BTC, the largest corporate Bitcoin treasury.
That stack cost $63.36 billion to build, an average of $75,385 per coin, so every disposal near current prices locks in a loss against that basis.
Strategy also sold 6,585,682 MSTR shares through its at-the-market program, raising $653.1 million and lifting its USD reserve to $4.65 billion.
Executive chairman Michael Saylor framed the week as a credit exercise rather than a retreat from Bitcoin:
“Strategy increased its USD Reserve by $650M and repurchased $109M of $STRC. This increased USD Duration by 143 days to 2.7 yrs and tightened STRC’s BTC Credit by 10 bps. As of 8/9/26, we hold ₿840,447 in our BTC Reserve and $4.65B in our USD Reserve.”
Why the selling continues
The behavior traces to the Digital Credit Capital Framework, adopted in late June, which authorizes limited Bitcoin sales to fund preferred dividends, buybacks, and cash reserves.
STRC has recovered roughly 33% from its lows, but a 12% dividend and $109 million of buybacks have not closed the gap to par.
Bitcoin traded near $65,019 on Monday, leaving the market about 13% below Strategy’s average purchase price.
