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Strategy Bitcoin positions remain stable after $333.7 million MSTR sale

2026-08-18 00:14:10
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Strategy's Bitcoin position remained unchanged, with MSTR sales reaching US$333.7 million

Last week, Strategy did not conduct any Bitcoin transactions, and its Bitcoin position remained at 840,447. According to an 8-K filing from the U.S. Securities and Exchange Commission (SEC), the company raised $333.7 million through the sale of MSTR shares, which was used for STRC dividends, preferred stock buybacks and reserves, of which U.S. dollar reserves reached $4.8 billion.

Strategy's Bitcoin positions remain unchanged, MSTR sales rise

According to the SEC 8-K filing on Monday, Strategy's Bitcoin positions last week remained unchanged at 840,447. The company sold 3,458,866 shares of MSTR stock, raising $333.7 million. After the document was released, Bitcoin was trading at close to US$63,500, and the position was worth approximately US$53.4 billion.

The company used US$52.4 million to pay dividends on STRC preferred shares and another US$132.2 million to repurchase STRC shares. The remaining $149.1 million increased the company's dollar reserves to $4.8 billion.

Strategy increased its U.S. dollar reserves by $150 million and bought back $132 million worth of STRC stock. The move extended the duration of the U.S. dollar by 41 days to 2.8 years, and narrowed the STRC's Bitcoin credit spread by 4 basis points to 114 basis points. As of August 16, 2026, the company held 840,447 Bitcoin reserves and US$4.8 billion in US dollar reserves.

The SEC's 8-K filing confirmed that Strategy did not conduct any bitcoin purchases or sales between August 10 and August 16. This marks a pause period for the company after several recent sales to support the company's capital strategy.

Strategy faces a $9.9 billion book loss on its Bitcoin position

The company's total cost to purchase 840,447 bitcoins was approximately $63.36 billion, including fees and expenses, with an average purchase price of $75,385 per coin. Based on current prices, this position has an unrealized loss of approximately $9.9 billion.

The latest Bitcoin financial strategy reflects the company's greater focus on liquidity. Strategy's dollar reserves are designed to support preferred stock dividends and interest payments. The company also authorized repurchase programs for preferred securities and common stock.

Last week, Strategy bought back approximately 1.39 million STRC shares at a cost of $132.2 million. Under its $1 billion digital credit securities repurchase program, approximately $653 million is still available for repurchase.

The company is also exposed to the risk that the composition of the index may change. MSCI is considering new rules for companies classified as non-operating businesses. A simulation in May 2026 showed that Strategy could be excluded from certain MSCI indices.

At the same time, Strategy's corporate bitcoin reserves remain the largest among listed companies. Its positions account for approximately 4% of the maximum supply of 21 million bitcoins.

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