Strategy, the software-turned-Bitcoin-treasury company led by Michael Saylor, has sold another 1,638 bitcoin for approximately $105 million, marking its second major divestment of the year and signaling a notable pivot in how the firm allocates capital between digital assets and shareholder returns. The sale, disclosed in early August, reduced the firm's total holdings to 842,138 BTC—representing roughly 4 percent of bitcoin's 21 million supply cap and carrying an approximate value of $53 billion The Block.
According to regulatory filings and company statements, Strategy deployed the proceeds to fund immediate shareholder obligations rather than acquire additional cryptocurrency. Approximately half of the $105 million generated from the sale was allocated to preferred dividend payments, while the remaining portion helped fund an $81.2 million repurchase of the company's STRC preferred shares CoinDesk. This transaction marks the second consecutive week that the firm has executed a buyback of its preferred stock using proceeds from bitcoin sales, establishing a new pattern in the company's capital management approach Decrypt.
The 1,638 bitcoin liquidation represents Strategy's second-largest sale of 2026, following the precedent set in late July when the company first began trimming its treasury to support dividend obligations and equity repurchases Cointelegraph. This development contrasts sharply with the firm's historical strategy of aggressive bitcoin accumulation, which previously saw the company utilize debt issuances and at-the-market equity programs to expand its cryptocurrency position without selling holdings to meet operational needs.
Simultaneously with the bitcoin divestment, Strategy raised $290.6 million through sales of common stock during the same reporting period, further strengthening its liquidity position CoinDesk. These capital activities have expanded the company's cash reserves to approximately $4 billion, creating a substantial liquidity buffer independent of its volatile digital asset holdings Decrypt.
Despite the recent sales, Strategy maintains its position as the largest corporate holder of bitcoin by a significant margin. The company's remaining 842,138 BTC constitute approximately 4 percent of the total bitcoin supply that will ever exist, with a market value hovering near $53 billion based on prevailing prices The Block.
The decision to liquidate portions of its digital asset reserves to fund preferred dividends and stock buybacks illustrates an evolution in Strategy's financial management. While the company continues to view bitcoin as its primary treasury reserve asset, the recent transactions demonstrate a willingness to realize gains by selling holdings to meet specific shareholder return targets. This balanced approach suggests Strategy is navigating between maintaining its substantial cryptocurrency exposure and fulfilling the yield expectations associated with its preferred equity instruments, potentially setting a template for how large corporate bitcoin treasuries manage distributions during periods of significant price appreciation.