Strategy CEO Phong Le has said the company plans to increase its Bitcoin holdings again this year, even after recent sales reduced its reserve to 840,447 BTC.
Summary
- Strategy plans to resume Bitcoin accumulation before the end of 2026.
- Recent sales have reduced its holdings to 840,447 BTC.
- Strategy sold 3,328 BTC for $213.3 million across the past two reporting periods.
- Its US dollar reserves have increased to $4.65 billion.
Fox Business reported that Le expects Strategy to return to Bitcoin accumulation as the company builds its US dollar reserve and supports its preferred stock products.
Le’s comments place the company’s long-term buying plan alongside a capital-management program that has produced two consecutive weekly Bitcoin sales. Strategy has used the proceeds to repurchase its variable-rate preferred stock, while common-share sales have provided cash for its dollar reserve.
During an earlier Bloomberg interview in July, Le linked the next buying phase to a recovery in Strategy’s Stretch preferred stock, which trades under the ticker STRC.
“We’ll continue to build that. And yeah, when Stretch gets back to par, we’ll issue more. We’ll buy more Bitcoin,” Le said.
Strategy plans to resume Bitcoin accumulation
Strategy has not announced a date for its next purchase, and Le’s comments describe a plan for later in 2026 rather than an immediate transaction.
The company’s recent activity has focused on restoring STRC toward its $100 stated amount. Because Strategy can issue the preferred shares to raise capital, a recovery toward that level would give the company another source of funds for Bitcoin purchases.
As crypto.news reported on July 16, Le said Strategy would issue more STRC and buy more Bitcoin after the security returned to par. STRC traded near $87 at the time after falling below $75 in late June.
Strategy designed STRC with a variable dividend rate that management can adjust to encourage the shares to trade close to $100. The company kept the annualized rate at 12% for August, despite the stock ending July below $90.
Management has also been repurchasing STRC shares when they trade below the stated amount. Strategy said the purchases were intended to reduce the number of preferred shares outstanding and improve what it calls STRC’s “Bitcoin credit,” a company metric measuring Bitcoin and cash backing relative to its preferred obligations.
Le said in July that Strategy wanted STRC to trade between $99 and $100. The company has described regular repurchases below that range as part of its plan to support the security before issuing additional shares.
Bitcoin sales fund another STRC repurchase
An Aug. 10 SEC filing showed that Strategy sold 1,690 BTC between Aug. 3 and Aug. 9, receiving $108.6 million after fees and expenses.
The company sold the Bitcoin at an average price of $64,262 and used the proceeds to repurchase 1,152,020 STRC shares. Strategy paid an average of about $94.29 per preferred share, leaving approximately $785.2 million available under its STRC repurchase authorization.
Following the transaction, Strategy’s Bitcoin reserve fell from 842,138 BTC to 840,447 BTC. The remaining holdings were acquired for about $63.36 billion at an average price of $75,385 per coin, according to the company’s filing.
The transaction followed a sale of 1,638 BTC for $104.73 million during the week ending Aug. 2. Strategy used $52.4 million from that sale to pay preferred-stock dividends and directed another $52.3 million toward STRC repurchases.
As previously covered, the earlier sale occurred at an average price of $63,957 and reduced Strategy’s reported holdings to 842,138 BTC.
Across the two latest reporting periods, the company has sold 3,328 BTC for approximately $213.3 million. Strategy’s public ledger shows that its reserve has declined from 847,363 BTC on June 22 to 840,447 BTC following several sales.
The company sold 3,588 BTC for about $216 million between June 29 and July 5, before keeping its holdings unchanged for several weeks. Strategy also sold 32 BTC around the end of May, its first disclosed disposal since December 2022.
Dollar reserve reaches $4.65 billion
While reducing its Bitcoin position, Strategy has increased the amount of cash available for dividends, interest payments, and other corporate obligations.
The Aug. 10 filing showed that Strategy sold 6,585,329 shares of MSTR common stock through its at-the-market programs. The sales generated approximately $653.1 million in net proceeds.
Management placed $650 million into the company’s designated US dollar reserve and added the remaining $3.1 million to unrestricted cash. The contribution lifted the reserve from $4 billion to $4.65 billion as of Aug. 9.
In late July, Strategy had reported a reserve of $3.75 billion, which management estimated could provide about 2.1 years of coverage for preferred dividends and interest payments. A subsequent $250 million contribution raised the balance to $4 billion and extended the company’s stated coverage period to about 2.3 years.
The reserve is management-designated liquidity rather than a legally restricted account. Strategy established it in December 2025 to support payments on its preferred securities and outstanding debt, and the company can change the reserve’s size according to capital needs and market conditions.
Le told Fox Business that Strategy had been adding to its dollar holdings, making liquidity one of the company’s current priorities. During Strategy’s second-quarter earnings call, he said the company had learned the importance of holding dollars instead of relying only on Bitcoin as a liquid balance-sheet asset.
US investors retain exposure through MSTR and STRC
Strategy’s latest transactions directly affect US investors because MSTR and STRC trade on Nasdaq, and the company reports its Bitcoin, equity, and preferred-stock activity through filings with the US Securities and Exchange Commission.
MSTR provides equity exposure to Strategy’s Bitcoin reserve, software operations, debt, and preferred-stock obligations. Its performance can therefore differ from Bitcoin’s price because changes in the company’s share count, cash reserve, and capital structure also affect shareholders.
Strategy’s Aug. 10 filing showed that adjusted shares outstanding rose to about 423.85 million after the latest common-stock sales. The company still had approximately $11.7 billion of MSTR shares available for issuance across two at-the-market programs.
STRC gives investors a different form of exposure through a variable cash dividend rather than direct ownership of Bitcoin. Strategy can change the dividend rate each month under the security’s terms, while the preferred shares have no maturity date and are not guaranteed to trade at their $100 stated amount.
After the latest repurchases, Strategy retained a separate $1 billion authorization to buy back MSTR common stock. The company had not used that authorization as of Aug. 9, according to its SEC filing.
