Strategy completed a bitcoin sale of 1,638 BTC for $104.7 million and used proceeds to repurchase $81.2 million in preferred shares, according to a Form 8-K filing dated August 3. The company simultaneously built its dollar reserve to $4 billion.
The move marks the third bitcoin sale Strategy has executed in 2026 and comes as the company faces competing demands for capital. Strategy, which holds 842,138 BTC and operates a dividend program backed partly by bitcoin sales, has sold roughly $268 million in bitcoin year to date across multiple transactions. The $4 billion cash position represents a significant buffer for the firm's dividend obligations and shareholder returns without forced liquidation of additional holdings.
Strategy's preferred share repurchase reduces the overhang of diluted securities while maintaining the dividend capacity the company has promised equity holders. The $81.2 million transaction occurred at a time when bitcoin traded near $63,000, up from June lows around $52,000.
Strategy's stock, which trades under ticker STRC, rose 30 percent from its June low of approximately $71 to $94 in early August. The company has become one of the largest corporate holders of bitcoin outside mining operations, with its total holdings equivalent to roughly 2 percent of circulating supply. Each bitcoin sale has been paired with communication about the company's long-term accumulation strategy, positioning the sales as tactical liquidity events rather than strategic retreats from the asset.
Strategy's pattern of quarterly or biannual bitcoin sales to fund shareholder returns without cutting dividend payments has created a fixed cadence that market participants now anticipate. At current holdings and burn rate, the company is executing sales roughly every six to eight weeks to maintain its capital return program. The $4 billion reserve now sits at roughly twice the company's trailing annual dividend, a level the company has held through multiple bitcoin price regimes since 2023.
