Strategy Sells 1,690 BTC as USD Reserve Reaches $4.65B

Quick Summary: Strategy has strengthened its liquidity position and continues to hold the world’s largest corporate Bitcoin treasury. The company sold 1,690 Bitcoin for $108.6 million and raised $653.1 million through MSTR stock sales in the week ended August 9. The firm’s USD reserves reached $4.65 billion, giving it around 2.7 years of stated dollar coverage. The BTC-sale proceeds and MSTR stock-sale proceeds served different purposes.  

Key Takeaways

• Strategy sold 1,690 Bitcoin for $108.6 million at an average price of $64,262 per BTC.
• The company raised $653.1 million from MSTR stock sales and added $650 million to its USD reserve, bringing total reserves to $4.65 billion.
• Strategy used its BTC sale proceeds to repurchase about $108.6 million of STRC preferred stock.
• Strategy’s USD reserve duration increased to 2.7 years, but it is a coverage measure and not a guarantee that Strategy will avoid future Bitcoin sales.

According to its Monday filing, Bitcoin treasury firm Strategy sold 1,690 Bitcoin for $108.6 million last week and generated another $653.1 million through MSTR stock sales.

The two transactions served different purposes. Strategy used the $108.6 million from the Bitcoin sale to repurchase STRC preferred stock, while $650 million from MSTR stock sales was added to the USD reserve.

The BTC sale reduced the firm’s holdings to 840,447 Bitcoin, valued at $53.56 billion. The company sold 1,690 BTC at an average price of $64,262, net of fees and expenses.

The sale alone does not necessarily signal a bearish shift in Strategy’s long-term Bitcoin approach. It still holds 840,447 BTC, and the recent sale was also tied to a specific capital-management action.

Strategy’s USD Reserve Hits $4.65 Billion

According to Strategy, the company allocated $650 million from its MSTR stock sale to its USD reserve, lifting the balance to $4.65 billion as of August 9. The company added the remaining $3.1 million to its cash balance.

The latest transactions show that Strategy has $785.2 million remaining under its preferred-stock repurchase program. It also has $1 billion available under its MSTR common-stock repurchase program.

Strategy uses its reserves to support dividends on its preferred stock and interest payments on debt. Previously, the company said its goal is to maintain its USD reserves to cover these obligations.

Strategy Takes a More Flexible Approach to Its Bitcoin Treasury

In an August 3 post, Michael Saylor said, “When I say “Never Sell Your Bitcoin,” I speak as one saver to another. I have never sold mine. Not one Satoshi. Strategy is a public company, not my wallet. Since 2020, it has disclosed that it may buy or sell $BTC to manage capital. Our shared conviction in Bitcoin remains unchanged.”

This shows that Saylor’s personal “never sell” position does not prevent Strategy, a public company, from selling BTC when management decides it is necessary for capital management.

Unlike an individual Bitcoin holder, Strategy must also manage dividends, debt interest, and other capital-structure obligations.

On August 10, Saylor announced, “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. $MSTR.”

📢 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. $MSTR

https://pbs.twimg.com/profile_images/1912767826005487616/PC5Pt5oJ_normal.jpg

— Michael Saylor (@saylor) Aug 11, 2026

The announcement followed an August 7 company post that placed coverage at 2.3 years, which is above Strategy’s one-year minimum. Together, these posts show that the company continues to hold a large BTC reserve while lengthening its dollar runway.

What the Bitcoin Sales Mean

The latest sale shows Strategy’s more flexible approach to its Bitcoin treasury. The company continues to be a major Bitcoin holder, while it also uses different parts of its capital structure to manage liquidity, preferred-stock obligations, and its USD reserve.

An important factor to consider is that the $108.6 million BTC sale and the $650 million rise in reserves came from separate transactions. The BTC sale proceeds funded the STRC repurchase, while MSTR stock sales added to the USD reserves.

The distinction matters.

Strategy continues to describe itself as a long-term net buyer of Bitcoin, even though it is willing to make selective BTC sales for capital-management purposes.

The key question is whether Strategy is selling from a position of strength. For now, the transactions suggest Strategy is selling from a position of greater liquidity rather than under immediate funding pressure.

Does Strategy Have 3 Years of Liquidity Coverage?

Not exactly.

Strategy said the $650 million increase in its reserves raised its USD duration by 143 days to 2.7 years. It means the company estimates that its reserves can cover its relevant dollar obligations for roughly 2.7 years under the current framework.

But it does not mean that Strategy can avoid Bitcoin sales for 2.7 years.

The recent Bitcoin sale shows that the company is already selling BTC. But it is crucial to understand whether future sales remain limited to capital-management transactions or become necessary to meet funding needs.

With a large USD reserve, the company has more liquidity to manage its obligations and capital structure.

What Investors Should Watch Next

Three metrics will matter most given Strategy’s current approach:

• Bitcoin Sales: The scale of BTC sales relative to its total holdings. Larger or more frequent sales could indicate greater funding pressure.
• USD Reserve Duration: The size and duration of the dollar reserve. If the USD reserve falls, it would reduce Strategy’s liquidity cushion.
• MSTR and Preferred-Stock Issuance: Additional share issuance could provide another source of capital and potentially reduce the need for Bitcoin sales.

For now, Strategy still holds 840,447 BTC and has $4.65 billion in its USD reserve. The latest transactions point to a more flexible approach to treasury management rather than clear evidence of a fundamental change in its long-term Bitcoin strategy.

Frequently Asked Questions

Why did Strategy sell Bitcoin?

The sale was part of Strategy’s broader capital management activity rather than clear evidence of a change in its long-term Bitcoin approach.

How much Bitcoin did Strategy sell?

During the week ended on August 9, 2026, Strategy sold 1,690 BTC for $108.6 million at an average price of $64,262.

Where did the money go?

Strategy used the $108.6 million from its BTC sale to repurchase STRC preferred stock, while $650 million from separate MSTR stock sales was added to its USD reserve.

What does the $4.65 billion reserve mean?

According to Strategy, its $4.65 billion USD reserve would provide around 2.7 years of liquidity coverage for relevant dollar obligations under its current framework. This is a coverage measure, not a guarantee that Strategy will avoid future Bitcoin sales.

Does this mean Strategy won’t sell Bitcoin again?

No, the 2.7-year duration is a coverage measure, not a guarantee that Strategy will not sell Bitcoin.

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