Strategy (MSTR) stock rises as Saylor sells Bitcoin, boosts $4B USD reserve

Strategy Inc. MSTR (formerly known as Microstrategy) shares gained 2% on Monday after the company disclosed fresh sales of Bitcoin and common stock as it continued executing its revamped capital strategy focused on strengthening liquidity and supporting its balance sheet.

The company, led by Executive Chairman Michael Saylor, said it sold approximately 1,638 Bitcoin for about $104.7 million during the week ended Aug. 2 at an average price of $63,957 per token.

The sale marked another step in Strategy's shift away from its long-standing Bitcoin accumulation strategy toward a more flexible capital management framework introduced in late June.

Alongside the Bitcoin sale, Strategy also sold more than 3 million common shares, raising about $290.6 million.

According to the company's filing, proceeds were used to increase its US dollar reserve, repurchase preferred securities and strengthen liquidity.

Strategy expands cash reserve while repurchasing preferred shares

The latest transactions increased Strategy's USD Reserve by $250 million to $4 billion while also funding repurchases of its STRC preferred shares, which have been trading below par.

The company said it repurchased approximately $81 million of STRC preferred stock as part of its broader effort to improve its capital structure.

Additional proceeds from common stock sales were added to its cash balance and used to fund preferred stock distributions.

In a post on X, Saylor said:

"Strategy increased its USD Reserve by $250M and repurchased $81M of $STRC. This increased USD Duration by 57 days to 2.3 years and tightened STRC's BTC Credit by 5 bps. As of 8/2/26, we hold ₿842,138 in our BTC Reserve and $4.0B in our USD Reserve. $MSTR."

The company adopted its new Digital Credit Capital Framework earlier this year, giving management greater flexibility to monetize Bitcoin holdings, repurchase securities and maintain liquidity while supporting preferred stock obligations.

Following the latest sale, Strategy reported holding approximately 843,138 Bitcoin, valued at roughly $52.6 billion.

The holdings were acquired at an average purchase price of $75,419 per Bitcoin, representing a total acquisition cost of approximately $63.5 billion including fees.

New strategy follows heavy quarterly losses

The company's capital restructuring comes after Strategy reported an $8.2 billion net loss for the second quarter, largely driven by unrealized losses on its Bitcoin holdings as cryptocurrency prices weakened sharply from year-ago levels.

Despite trimming its holdings, Strategy remains the world's largest corporate holder of Bitcoin, with its reserves still representing about 4% of the cryptocurrency's maximum 21 million supply.

The company has also authorized a $1 billion repurchase program for its digital credit securities, initially prioritizing STRC, while approving a separate $1 billion common stock buyback.

It later expanded its Bitcoin monetization program to permit up to $5 billion in Bitcoin sales to support reserves, dividend payments, interest obligations and security repurchases.

Analysts maintain bullish outlook

Although Strategy shares have fallen sharply over the past year alongside Bitcoin's decline, several Wall Street firms continue to maintain positive ratings on the stock.

Last week, TD Cowen and Benchmark both reiterated Buy ratings following the company's second-quarter results, although Benchmark lowered its price target after reducing its year-end 2026 Bitcoin price assumption.

On Monday, Barclays analyst Nik Cremo also maintained a Buy rating on Strategy with a price target of $125.