Strategy pivots from Bitcoin buying to capital restructuring

For the better part of six years, Michael Saylor’s playbook was simple: buy Bitcoin, then buy more Bitcoin. Strategy, the company formerly known as MicroStrategy, built its entire corporate identity around relentless accumulation. Now it’s selling. The company offloaded approximately 1,638 BTC for around $104.7 million in late July and early August 2026, boosting its USD cash reserves from $3.2 billion to $4.0 billion. Where the money is going The Bitcoin sale wasn’t about cashing out for a yacht. About $81 million of the proceeds went toward repurchasing preferred shares and paying dividends on its STRC preferred stock, the financial instrument Strategy created as part of its capital structure expansion. The company also raised $290.6 million through common stock sales during the same period. This wasn’t even the first sale. Back in June 2026, Strategy sold 32 BTC for roughly $2.5 million specifically to cover STRC preferred distributions. That transaction was small enough to fly under the radar. The latest sale, at 50 times the size, is harder to ignore. After the sale, Strategy still holds 842,138 BTC. The debt cleanup The Bitcoin sales are only one piece of a broader capital re...