Strategy Sells 1,690 BTC Below Cost as Its Dollar Reserve Hits $4.65B

Strategy disclosed on Monday, 10 August, that it sold 1,690 BTC for $108.6 million over the 3–9 August period, at an average $64,262 net of fees. That price sits well below the company's $75,385 average cost per coin. Holdings now stand at 840,447 BTC, about 4% of bitcoin's 21 million cap, acquired for $63.36 billion and worth roughly $54.7 billion at Monday's prices, a paper deficit of around $8.7 billion. The disclosure landed a week after the company sold 1,638 BTC in what it described as a monetization step, per CoinDesk and The Block.

Where the money went

The other side of the ledger was busier than the bitcoin side. Strategy sold 6,585,682 MSTR common shares for $653.1 million under its at-the-market program, which keeps roughly $22 billion of capacity, and directed $650 million of the proceeds into its dollar reserve. That reserve reached $4.65 billion as of 9 August. The company also repurchased 1,152,020 STRC preferred shares for $108.6 million, the same figure the bitcoin sale brought in. TechTimes noted the buyback pulled STRC to within $4.45 of its $100 par value. Authorizations of $785.2 million for preferred repurchases and $1 billion for common remain open.

Not one satoshi

Michael Saylor spent Monday drawing a line between the company's coins and his own. On his personal holdings, he was blunt, in remarks carried by The Block.

"I have never sold mine. Not one satoshi. Strategy is a public company, not my wallet."

Markets read the day less charitably. MSTR and STRC opened about half a percent higher pre-market before MSTR turned and fell 3% to 4% through the session, per CoinDesk's live coverage. Bitcoin slid from around $65,200 to below $64,000 by afternoon, off 2.1% over 24 hours at roughly $63,800.

Accumulation has become liability management

The pattern now runs one way. Strategy sold 32 BTC in June and 3,588 BTC in early July; the last two weekly disclosures added 1,638 and now 1,690 more. Over the same stretch the dollar reserve has climbed from $2.55 billion to $3 billion to $4.65 billion, a buildout that began when the company paused its bitcoin purchases. Each Monday disclosure now reads as a balance-sheet operation first: sell coins, sell stock, retire preferred shares, bank dollars. The bitcoin stack shrinks at the margins while the liabilities around it get serviced.

How much room is left

The open question is pace. Sales at this size barely dent 840,447 coins; at Monday's rate the position would take years to matter. The reserve is the number moving. It has nearly doubled since early July, and the funding for it comes from stock sales into a share price that fell 3% to 4% on the news, an arrangement that gets harder the longer it runs. The ATM keeps about $22 billion of headroom, and the two open buyback authorizations total $1.79 billion between them. Every figure here is the company's own; what no filing yet answers is whether the coin sales are a bridge or the new policy. The next weekly disclosure will show whether either line, the shrinking stack or the growing reserve, changes speed.