Michael Saylor Separates Personal Bitcoin Stash From…

Strategy, the corporate Bitcoin treasury company formerly known as MicroStrategy, sold 1,638 Bitcoin last week for approximately $104.7 million, reducing its total holdings to 842,138 BTC. The transaction was used to fund distributions on preferred shares and to repurchase STRC, the company's perpetual preferred stock, according to the company's disclosures.

The sale is notably larger than the 32 BTC disposed of in late May, which was Strategy's first net decrease in Bitcoin holdings outside a tax-loss harvesting strategy. After spending most of the past two years adding Bitcoin on a near-weekly basis, the latest move appears tied to capital management rather than a change in the company's long-term view of the cryptocurrency.

Founder and chairman Michael Saylor drew a clear distinction between his personal holdings and the company's balance-sheet decisions. "When I say 'Never Sell Your Bitcoin,' I speak as one saver to another. I have never sold mine," Saylor wrote. "Not one satoshi. Strategy is a public company, not my wallet." He added that the company has disclosed since 2020 that it may buy or sell BTC to manage capital, and reiterated that its shared conviction in Bitcoin remains unchanged.

The sale comes as Strategy has paused Bitcoin purchases for five consecutive weeks through July 26, while increasing its U.S. dollar reserve by $250 million to $4 billion. That combination of higher cash holdings and two recent sales suggests management is paying closer attention to liquidity after years of aggressive accumulation. The latest sale represents less than 0.2% of Strategy's remaining Bitcoin reserve, so it is too small to signal a full retreat from the treasury strategy that has defined the company since 2020.

Preferred stock and market context

STRC is a perpetual preferred security designed to provide regular distributions while giving Strategy another way to raise capital. Because preferred shareholders rank ahead of common shareholders for distributions, keeping those payments funded is important to the credibility of the company's financing model. TD Cowen said the transaction was consistent with management's stated goal of returning STRC toward its par value, with repurchases below that level helping to support the security's market price.

Strategy's common shares traded near $94.78 after falling about 40% in 2026 and 70% over the previous 12 months. The stock had traded above $400 in July 2025, when investor demand for leveraged corporate Bitcoin exposure was far stronger. A lower share price makes new equity issuance more dilutive and reduces the attractiveness of raising capital through common-stock sales, which may make selective Bitcoin sales more practical when distributions or repurchases require funding.

For now, Strategy retains more than 842,000 BTC and has not indicated that large-scale liquidation is planned. Further sales, however, would confirm that Bitcoin is being used as an active treasury asset rather than held under an absolute no-sale policy. Investors must now weigh not just Bitcoin's price, but also how Strategy manages preferred dividends, repurchases, cash reserves and future capital raising while its common stock trades at depressed levels.