Strategy Sold Bitcoin Again. Saylor Says That That's The Wrong Narrative

Strategy sat on the sidelines and didn't buy one Bitcoin last week. Instead, it sold 1,638 bitcoins for approximately $104.7 million, its third bitcoin sale of 2026, at an average price of $63,957 more than $10k below the level company originally had paid for its stack.

Where the money actually went

Strategy has been selling Bitcoin since June to pay for two obligations that the proceeds funded: preferred-stock dividends and STRC buybacks. Also, Strategy sold 3,011,361 of its own common stock for $290.6 million. Of that, $250 million went directly into the company reserve USD which now hits 4 billion.

Another $28.9 million funded further STRC repurchases, separate from the $912,143 STRC shares already bought back that same week for a total of $81.2 million spent, and the remaining $11.7 million added to cash reserves.

Put it all together and Strategy's cash on hand now offsets roughly 2.3 years of dividend and interest payments, a runway that's 57 days longer than was available to the company before this filing.

The pile barely moved

Strategy still owns 842,138 BTC, purchased for a total value of $63.51 billion at an average cost basis of $75,419 a coin. Currently, that stack of Bitcoin comes with about $10.9 billion in unrealized losses at the spot price. Despite three separate sales this year, Strategy's wallets are down only marginally, hovering near 4% of all the Bitcoin that will ever exist.

Saylor says it isn't backtracking

Now, Strategy has sold Bitcoin more times in recent weeks than its bought and Saylor spent the past week debating what that means. It posted on X that this year it had purchased 48x more Bitcoin than it sold, and issued 300x more STRC than it bought back. Saylor also emphasized that Strategy's BTC Monetization Program, announced June 29, was never a "never sell" pledge at the outset. "We have never had a 'never sell' policy," he wrote, noting the program does not call for any Bitcoin sales and that Strategy still expects to be a net buyer over time.

Why the caution now

We're all talking about a legitimate tough quarter context. Strategy reported a net loss of $8.22 billion in Q2, largely related to unrealized losses on its Bitcoin as prices fell.

This is why, for the time being, cash management has trumped accumulation: dividends and debt payments still fall due in dollars regardless of what happens with Bitcoin, and Strategy would rather have their own liquidity event at a price they set themselves than give in to worse rates down the line.

Wall Street isn't panicking.

Benchmark maintained a Buy rating on Strategy but cut its price target to $435 from $570 after reducing its year-end Bitcoin forecast to $100,000; Barclays and TD Cowen both kept their respective Buy ratings on Strategy following the results. The only question that now matters for the stock is whether Strategy resumes purchasing or continues to prioritize its balance sheet.

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