Strategy will resume buying bitcoin in greater volume throughout the rest of 2026, said CEO Phong Le to Fox Business, in a statement that rebuts the interpretation that recent sales mark the abandonment of the cryptocurrency accumulation strategy.
Le said the company bought about 175,000 BTC in 2026 and sold approximately 7,000 BTC, a ratio of 25 to 1 between purchases and sales. The company made four sales since May, the most recent between August 3 and 9, when it traded 1,690 BTC at an average price of US$64,262, generating about US$108.6 million.
Sales below average cost
Strategy holds 840,447 BTC, acquired at a total cost of about US$63.36 billion, with an average price of US$75,385 per coin. The last sale therefore occurred below the average acquisition cost.
Chairman Michael Saylor, who built the company's reputation around the motto "never sell", revised the phrase. He said the statement was personal advice to individual investors, and not a corporate commitment. The change in tone occurs after Strategy reported a net loss of US$8.6 billion in the 2nd quarter, driven by a non-cash accounting loss of US$8.3 billion with the drop of bitcoin to around US$58,700.
Dollar reserve at record level
Strategy's dollar reserve reached US$4.65 billion, compared with US$871 million at the end of May, an increase of more than fivefold in about ten weeks. According to Le, the bitcoin sales are part of balance-sheet management to pay preferred stock dividends, repurchase STRC shares, and build cash, and do not represent a loss of conviction in the cryptocurrency.
The market is watching whether Strategy's net asset value multiple (mNAV) will recover. On August 3, the indicator was at about 0.68 times, below the value of its bitcoin holdings, after having reached 3.4 times in November 2024. Another company in the sector, mining firm MARA, sold 23,093 BTC for about US$1.6 billion in the 1st half, indicating a change in treasury management among large institutional holders.
