NEW YORK, August 10, 2026, 13:08 EDT
- Strategy disposed of 1,690 bitcoin, generating $108.6 million, and raised $653.1 million by issuing 6.59 million common shares.
- STRC repurchases were backed by bitcoin proceeds. The strategy allocated $650 million from equity proceeds to its dollar reserve.
- MSTR dropped 3.0% in early U.S. trading on Monday, while Bitcoin declined approximately 2.1%.
Strategy Inc NASDAQ:MSTR generated sixfold more capital through stock sales than from bitcoin disposals last week, underlining the direction of its balance-sheet strategy. The company issued 6.59 million common shares, raising $653.1 million. In contrast, it offloaded 1,690 bitcoin, bringing in $108.6 million between August 3 and 9.
This is relevant as the two sources of funds targeted separate investor groups. Funds from common shares bolstered liquidity, while proceeds from Bitcoin were used to buy back Strategy’s Variable Rate Series A Perpetual Stretch preferred stock NASDAQ:STRC at a price below its $100 stated value.
MSTR was at $97.01 as of 12:52 p.m. EDT, down 3.0%. Bitcoin slipped 2.1% to $63,811. STRC dipped 0.6%, and iShares Bitcoin Trust NASDAQ:IBIT dropped 1.7%. U.S. stock markets stayed open.
| Latest-week action | Volume | Net proceeds or cost | Derived unit price | Main use |
|---|---|---|---|---|
| MSTR shares disposed | 6,585,682 | $653.1 million | $99.17 per share | $650 million placed in reserve; $3.1 million added to cash |
| Bitcoin disposed | 1,690 BTC | $108.6 million | $64,262 per BTC | To support STRC buybacks |
| STRC shares bought back | 1,152,020 | $108.6 million | $94.27 per share | Decrease in outstanding preferred shares |
Unit prices have been determined based on totals released by Strategy.
Roughly 85.7% of the $761.7 million secured during the week was generated from common-stock offerings. Bitcoin accounted for 14.3%. Strategy disposed of approximately 0.2% of its bitcoin holdings compared to the previous week.
An initial estimate shows the STRC buyback is 5.7% under its listed value. Given the existing 12% yield, those shares represented approximately $13.8 million in yearly dividends. This figure is based on the assumption that the dividend rate does not change.
Earlier, Chief Executive Phong Le described the repurchase program as “an attractive use of capital that reduces our future preferred dividend requirements at a discount.” Strategy
| Weekly measure | Week ended Aug. 2 | Week ended Aug. 9 | Change |
|---|---|---|---|
| Bitcoin sold | 1,638 BTC | 1,690 BTC | +3.2% |
| Bitcoin proceeds | $104.73 million | $108.6 million | +3.7% |
| MSTR shares sold | 3.01 million | 6.59 million | +118.7% |
| MSTR proceeds | $290.6 million | $653.1 million | +124.7% |
| STRC shares repurchased | 912,143 | 1,152,020 | +26.3% |
| STRC repurchase spending | $81.2 million | $108.6 million | +33.7% |
| Dollar reserve | $4.00 billion | $4.65 billion | +16.3% |
The percentage shifts are based on Strategy’s filings from August 3 and August 10.
Within a two-week period, Strategy sold 3,328 bitcoin, raising $213.3 million. The company issued 9.60 million common shares, bringing in $943.7 million. Its dollar reserves climbed 24% from $3.75 billion on July 26 to $4.65 billion as of August 9.
The company retained 840,447 bitcoin acquired for a total of $63.36 billion, which works out to $75,385 per coin. Based on Monday’s midday trading value, the bitcoin holding amounted to approximately $53.63 billion, resulting in an initial mark-to-market deficit of about $9.73 billion versus the stated purchase price.
| Security or asset | Midday price | Session move | Investor exposure |
|---|---|---|---|
| Strategy common stock NASDAQ:MSTR | $97.01 | -3.0% | Corporate bitcoin exposure with leverage |
| Strategy STRC preferred NASDAQ:STRC | $94.47 | -0.6% | Preferred share dividends and issuer credit risk |
| Bitcoin | $63,811 | -2.1% | Direct holding in cryptocurrency |
| iShares Bitcoin Trust NASDAQ:IBIT | $36.17 | -1.7% | Exposure via spot bitcoin ETF |
Prices are based on the most recent trades as of approximately 12:52 p.m. EDT.
The tape showed a bias toward the preferred security. STRC led MSTR by roughly 2.4 percentage points. This gap matched the week’s funding pattern: preferred payments were backed by the reserve, as common shareholders took on the impact of new stock issuance.
Analyst outlook is still upbeat, but recent price targets have been revised downward. Barchart’s latest recommendation score stands at 4.63 out of five, rated as a Strong Buy by 19 analysts.
| Analyst or firm | Latest recommendation | Price target | Previous target | Upside from $97.01 |
|---|---|---|---|---|
| Nik Cremo, Barclays LON:BARC | Overweight | $125 | $130 | 28.9% |
| Fedor Shabalin, B. Riley Securities | Buy | $155 | $215 | 59.8% |
| Ramsey El-Assal, Cantor Fitzgerald | Overweight | $186 | $212 | 91.7% |
| Barchart consensus, 19 analysts | Strong Buy, 4.63/5 | — | 4.74/5 the previous month | — |
The implied upside is based on MSTR’s price at midday on Monday.
The gap between targets persists. B. Riley trimmed its projected bitcoin price and decreased its valuation multiple. Cantor reduced its bitcoin estimate as well, but maintained its Overweight rating.
Focus in the near term turns to additional issuance. The strategy maintained roughly $22.04 billion in MSTR selling capacity as of August 9. It also held $785.2 million for preferred share repurchases, along with $1 billion reserved for MSTR buybacks.
The question for investors has shifted. Strategy isn’t just focused on accumulating bitcoin anymore. Returns are now also shaped by share issuance, cash coverage and efforts to repair preferred stock, as well as movements in bitcoin’s price.
Risks: Additional ATM sales risk diluting common shareholders. A significant drop in bitcoin would decrease the value of the treasury. Increased preferred rates would lead to higher cash expenses, and an STRC rebound closer to par might limit chances for repurchases.
What is the key focus in MSTR trading today?
MSTR was last at $97.14, down 2.9%, as Bitcoin dropped 2.0%. Strategy revealed new Bitcoin sales and a significant increase in common-share issuance. There is no confirmed single reason for the day’s decrease.
Is Strategy now a net seller of Bitcoin?
Yes, for two consecutive weeks. Strategy offloaded 1,690 Bitcoin for $108.6 million between August 3–9 and disposed of 1,638 Bitcoin for $104.7 million the week before. Total holdings declined to 840,447, marking just a 0.39% decrease over two weeks.
What was the amount of common-stock dilution that took place last week?
Strategy offloaded 6,585,682 shares of MSTR, generating $653.1 million in net proceeds. The company allocated $650 million to its dollar reserve while $3.1 million was added to its cash holdings. The filing does not provide an updated denominator for exact dilution figures.
Does an increased dollar reserve help reduce financing strain?
The reserve climbed to $4.65 billion, reflecting a $650 million gain over one week. The strategy applies this reserve to pay preferred dividends and service debt interest. This move improves near-term liquidity, although the growth came from sales of common shares. The total also factors in anticipated proceeds from pending sales.
What is the amount Strategy’s Bitcoin holdings are under cost?
With Bitcoin priced at $63,864, the total value of these holdings is approximately $53.67 billion. The combined cost of acquisition stands at $63.36 billion, equating to $75,385 per Bitcoin. This puts the overall value about $9.69 billion under the cost basis, reflecting a shortfall of 15.3%.