Strategy, the US-based business intelligence firm led by Michael Saylor, has reignited speculation over its Bitcoin holdings following Saylor’s recent post featuring the company’s signature orange-dot acquisition chart. His accompanying caption, “Doing ₿usiness,” did not provide further details on any new Bitcoin purchases, but the chart has historically preceded treasury updates.
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AAPLRecent sale, cash reserve, and treasury activity
In its most recent regulatory filing, Strategy confirmed the sale of 1,638 BTC between July 27 and August 2, netting $104.73 million at an average price of $63,957 per coin. According to the company’s official ledger, this leaves Strategy with a total of 842,138 BTC in its reserves, purchased at a cumulative cost of $63.51 billion— or an average price of $75,419 for each Bitcoin.
With Bitcoin trading near $65,146 at the end of the reporting period, the current value of the company’s BTC holdings stands at approximately $54.87 billion. This marks an unrealized loss of almost $9 billion when compared to the acquisition cost. Such a loss remains on paper and does not reflect a realized accounting loss unless assets are sold at current prices.
Strategy’s recent filing shows a sale of 1,638 BTC for $104.73 million, while its treasury now holds 842,138 BTC bought for $63.51 billion at an average cost of $75,419 per coin. At current prices, this results in an unrealized loss close to $9 billion.
Strategy allocated $52.4 million of the sale proceeds to pay preferred dividends, while another $52.3 million was directed toward repurchasing STRC preferred shares. The company has also reported four negative ledger entries so far in 2026, corresponding to BTC sales recorded on June 1, June 30, July 6, and August 3. Combined, these disposals account for 5,258 BTC.
Shift in treasury signals and onchain transactions
Saylor’s past posts featuring orange-dot charts have often anticipated new Bitcoin purchases. However, the pattern appears less reliable following a previous Sunday chart that was followed by a sale announcement. Strategy’s recent capital management moves reflect a broader treasury approach that now includes periodic asset sales and the use of existing cash reserves for buybacks and dividends.
No new Bitcoin purchase has been reported since Strategy added 520 BTC in the week ending June 22. The firm’s capital allocation strategy allows it to deploy Bitcoin, common equity, preferred securities, or cash for various corporate objectives. As a result, Saylor’s social media post cannot be taken as confirmation of a transaction.
Mini dictionary: STRC, Strategy’s preferred equity security, allows the firm to raise capital while providing income and capital return options to investors. The company periodically repurchases STRC at a discount to its $100 stated amount.
During the latest period, Strategy increased its cash reserve to $4 billion, sourced partly from MSTR share sales. The firm raised $290.6 million by selling 3.01 million common shares and then used $28.9 million of these proceeds for further STRC buybacks. In total, it repurchased 912,143 STRC shares for $81.2 million.
| Attribute | Latest Value |
|---|---|
| BTC held | 842,138 |
| Avg. BTC cost | $75,419 |
| Reserve value (market) | $54.87 billion |
| Unrealized loss | ~$9 billion |
| Cash reserve | $4 billion |
| STRC repurchased | 912,143 shares |
STRC traded at around $94.60 at week’s end, below its $100 issue price. Management aims to continue buybacks at a discount, with $893.8 million still authorized for future repurchases. This focus could delay future Bitcoin purchases if the company maintains its priority on supporting STRC prices through these discounts.
Meanwhile, onchain analytics firm Lookonchain recently spotted a 1,030 BTC transfer, valued at $66 million, linked to addresses associated with Strategy. However, such a transfer does not necessarily signal a sale, as assets might move between custodians or internal company wallets.
Despite continued market speculation, it remains unclear whether Strategy has made new Bitcoin purchases or further sales, as no subsequent company filings have updated the figure since the latest 1,638 BTC sale.
Strategy’s public dashboard continues to show a balance of 842,138 BTC. Future SEC filings or treasury disclosures will clarify whether the company’s Bitcoin position has changed, or whether its overall reserve strategy remains intact.
