Strategy sold roughly $333.7M of MSTR stock last week to fund preferred dividends, buy back its digital credit securities and bolster its USD reserves, while keeping its 840,447 BTC position unchanged and sitting on about $10B in unrealized losses.
Bitcoin treasury company Strategy sold approximately $333.7 million worth of its MSTR shares last week while making no changes to its bitcoin holdings, according to an 8-K filing with the U.S. Securities and Exchange Commission cited by The Block.
The firm sold 3,358,866 MSTR shares between Aug. 10 and Aug. 16. Strategy said it did not buy or sell any bitcoin over the same period, keeping its BTC position steady.
The company allocated $52.4 million in net proceeds from the stock sales to fund dividends on its STRC preferred stock and used $132.2 million to repurchase STRC under its Digital Credit Securities Repurchase Program. A further $149.1 million was added to its U.S. dollar reserve, lifting that balance to $4.8 billion.
Strategy continues to hold 840,447 BTC, worth around $53.4 billion at current prices, bought at an average of $75,385 per bitcoin for a total cost basis of about $63.4 billion including fees and expenses. The position represents roughly 4% of bitcoin’s 21 million maximum supply and implies around $10 billion in unrealized losses at recent spot levels.
Co-founder and Executive Chairman Michael Saylor did not publish his usual weekend Strategy bitcoin tracker chart, which in the past often preceded new BTC acquisition disclosures. The Block noted that his recent posts have become less explicit as the firm shifts between accumulating, trimming, or holding its BTC stack.
Under its Digital Credit Capital Framework, Strategy has limited use of its USD reserves to preferred dividends and interest, authorized a $1 billion repurchase program for its digital credit securities — initially prioritizing STRC — and approved a $1 billion common stock buyback. It also expanded its BTC Monetization Program, permitting up to $5 billion in bitcoin sales to fund reserves, distributions and securities repurchases.
Strategy and peer bitcoin treasury company Metaplanet may face removal from MSCI’s Global Investable Market Indexes under a proposed methodology targeting non-operating companies, according to MSCI’s latest consultation. A simulation using May 2026 data would delete Strategy, Metaplanet and Yellow Cake from the MSCI ACWI IMI and place Sharplink, Center Laboratories and Lydia Holding on a public watchlist.
Bitcoin Treasuries data shows 196 public companies have adopted some form of BTC acquisition strategy. The largest corporate holders after Strategy include Tether-backed Twenty One, Metaplanet, MARA and Bitcoin Standard Treasury Company, with holdings of 43,514 BTC, 43,000 BTC, 35,577 BTC and 30,021 BTC, respectively.
Despite continued balance sheet exposure, shares across the cohort have sold off sharply from summer 2025 highs as market-cap-to-net-asset-value ratios have compressed. MSTR remains down nearly 80% from its peak, with an enterprise mNAV of 1.04, according to the company.
Not all institutional investors have pulled back. K33 data cited by The Block indicates Norway’s sovereign wealth fund has grown its indirect bitcoin exposure to a record 11,549 BTC in the first half of the year, with its Strategy position making up 86% of that exposure, or about $622 million.
Strategy’s stock fell 4.1% last week, closing Friday at $93.04, while bitcoin declined 3% over the same period. Following the latest filing, BTC traded roughly flat on Monday, up about 1% over 24 hours at $63,539, and MSTR was up 1.3% in pre-market trading.
