Strategy sells Bitcoin below cost again, boosts USD reserve with $650M share proceeds

Strategy sold 1,690 BTC for about $108.6 million between Aug. 3–Aug. 9, its second straight week of selling Bitcoin below cost. The average sale price was $64,262, around $11,000 under Strategy’s $75,385 cost basis, implying an estimated realized loss of roughly $18.8 million. Alongside the Bitcoin sales, Strategy materially increased equity funding. It raised about $653.1 million by issuing 6,585,682 MSTR shares, up from ~$290.6 million the prior week. Nearly all proceeds ($650 million) were parked in its USD Reserve, lifting it to $4.65 billion from $4.0 billion, while about $3.1 million went to cash. Strategy used part of the Bitcoin proceeds for a “flywheel in reverse” by repurchasing its STRC preferred shares: $108.6 million was used to buy back 1,152,020 STRC shares under its Digital Credit Securities Repurchase Program. After these actions, Strategy holds 840,447 BTC. With BTC around ~$64,975, the position remains meaningfully underwater versus cost. Across the last two weeks, Strategy has sold 3,328 BTC for roughly $213 million, following a prior $216 million sale (3,588 BTC) that helped kick off its financing overhaul. Management has framed the shift as “accumulation rather than retreat.”