Strategy sold 1,638 Bitcoin worth $104.7 million between July 27 and August 2, 2026, at an average price of $63,957 per coin. A report from the @WatcherGuru account on X, which garnered 4,812 likes, first revealed this news as breaking news before its on-chain details were confirmed by analyst @lookonchain.
This move is recorded as Strategy’s second-largest Bitcoin sell-off of this year. This maneuver follows the sale of 3,588 coins worth $216 million executed on July 6.
Half for Preferred Stock, Half for Buyback
The proceeds from the cryptocurrency sale went directly into two main spending categories. A total of $52.4 million was allocated specifically to pay preferred stock dividends, while the remaining $52.3 million was used to buy back 912,143 shares of STRC stock worth $81.2 million.
This buyback occurred just as STRC’s price was lagging in the open market. The stock traded at $89.40 in the pre-market session, a 10.6% discount from the $100 target value set by the company. This corporate action supports Strategy’s policy of maintaining STRC’s dividend distribution at 12% per year, which is equivalent to $0.50 per share and paid twice a month.
Extended Runway from Cash
This maneuver to cash out Bitcoin demonstrates a shift in the company’s priorities to strengthen its financial structure. Michael Saylor stated that they extended their USD runway by 57 days to a total of 2.3 years. Along with the coin sale, Strategy also raised an additional $290.6 million in fresh funds through the issuance of common stock.
This cash fortification step aligns with the advice from CryptoQuant CEO Ki Young Ju on June 24. At the time, he urged Strategy to pause its Bitcoin purchasing pace and focus on rebuilding its cash reserves. The warning came in response to the company’s dividend coverage ratio, which had plummeted from a 7-year range to just 14 months remaining.
As a result of this series of sales, the company’s Bitcoin holdings shrank to 842,138 coins. This amount decreased by 5,225 coins from their peak holdings of 847,363 BTC in June. In the stock market, the impact of this decision pushed MSTR shares down 1.9% in the pre-market session, while Bitcoin steadily moved in the range of $62,500 to $63,000.
A New Focus to Replace Coin Count
Another change has occurred in how Strategy presents the company’s balance sheet to investors. Their flagship metric has now shifted from just the total number of Bitcoin to “net Bitcoin per share.” This new metric calculates the company’s remaining Bitcoin holdings after deducting all debt claims and preferred stock liabilities.
The era of showing off unlimited coin holdings seems to be slowing down. When the bills arrive, the metric institutional investors evaluate is the ability to maintain smooth cash flow. For retail shareholders, this series of decisions brings a stark reality: no matter how strong the belief in Bitcoin, the daily operational engine still needs cash for fuel.
As reported by Decrypt.
Also read: What is Bitcoin Halving?
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
