Strategy, the publicly traded technology company that has been the world's largest corporate holder of Bitcoin since 2020, began selling Bitcoin in May 2026 after years of maintaining a 'never sell' policy.
In May 2026, CEO Phong Le said the company would sell Bitcoin if doing so would benefit shareholders by improving bitcoin-per-share metrics. Executive Chairman Michael Saylor clarified that his goal was to 'never be a net seller' of Bitcoin, not to never sell at all.
The policy shift came as Strategy's preferred stock (STRC) fell below $100 per share in May 2026, limiting its ability to issue new shares to fund Bitcoin purchases. In late June 2026, the company introduced a Digital Credit Capital Framework to formalize conditions under which it could sell Bitcoin.
The framework allows Strategy to sell up to $1.25 billion in Bitcoin to replenish its dollar reserve and fund dividends, interest payments, and share buybacks. The company's initial sale of 32 BTC in May 2026 occurred before the framework was introduced and is excluded from that limit.
According to company filings and official disclosures, from May to August 2026, Strategy sold a total of 6,948 BTC for approximately $432.5 million. This includes 1,690 BTC for $108.6 million reported on August 10, 1,638 BTC for $105 million between August 3 and August 9, and 3,588 BTC for approximately $216 million earlier in August.
Strategy's total Bitcoin sales from May to August 2026, generating approximately $432.5 million.
The company's first sale was 32 BTC for approximately $2.5 million in May 2026, its first sell since 2022. As of August 9, 2026, Strategy's dollar reserve stood at $4.65 billion, up from $4 billion on August 2.
After the sales, Strategy held 840,447 BTC as of August 9, 2026, acquired at an average purchase price of $75,385 per BTC, including fees and expenses. The most recent sale of 1,690 BTC was at an average net price of $64,262 per BTC, roughly $11,100 below its cost basis.
Strategy used the proceeds to repurchase shares of its preferred stock (STRC). In the same period, it sold $653.1 million worth of its common stock (MSTR), with $650 million added to its USD reserve. The reserve of $4.65 billion covers approximately 2.7 years of its $1.76 billion annual preferred dividend and debt interest obligations.
According to official figures, as of August 9, 2026, Strategy had $785.2 million remaining under its STRC repurchase program and $1 billion available under its MSTR repurchase program. Bitcoin holdings are valued at approximately $53.6 billion in the latest SEC filing, accounting for roughly 4% of the 21 million coin supply cap.
Michael Saylor posted an AI-generated video on X showing him shooting a grizzly bear with a tranquilizer dart, captioned 'Calming the bears.' Strategy's share price (MSTR) had lost more than 70% since October of the prior year, and as of the reports, its average purchase price of $75,000 was above the market price.
Strategy's preferred stock (STRC) pays a monthly dividend with a yield of 12%, and its cash reserve of $4.65 billion can cover dividend payments for 2.7 years at that yield. In comparison, Twenty One Capital, the second-largest Bitcoin treasury company, holds approximately 43,000 BTC, trades at a market-to-net-asset-value ratio of 0.7, and has an average loss of over $20,000 per Bitcoin held.
As of August 11, 2026, STRC shares were trading at $95.45 in premarket, rebounding 24% from June lows, while MSTR shares were at $100.26. Bitcoin was trading near $65,000 at that time.
