Strategy is selling bitcoin: what Michael Saylor’s reversal signals for the corporate treasury thesis

Strategy sold 1,638 bitcoin last week for $105 million, reduced its holdings to 842,138 BTC, and began tracking the 200-week moving average on its website, marking the clearest shift yet from accumulation to active treasury management. Summary Strategy sold 1,638 bitcoin for $104.73 million in the week ending August 3, reducing total holdings to 842,138 BTC acquired at an average price of $75,419. The company simultaneously raised $290.6 million through the sale of 3.01 million MSTR common shares and repurchased 912,143 STRC preferred shares for $81.2 million. Strategy’s USD reserve has grown to $4 billion after a $250 million addition last week, signaling a deliberate pivot toward liquidity management alongside bitcoin holdings. Michael Saylor announced that Strategy is now tracking bitcoin’s 200-week moving average on its website, a level at approximately $63,770 that bitcoin is currently testing. Bitcoin is trading near $63,000, below its cost basis at Strategy, which sits at $75,419 per coin, meaning the company is selling at a realized loss on recently acquired coins. Introduction For four years, the Michael Saylor bitcoin thesis had one direction: buy. From August 2020, when ...