Bitcoin treasury company Strategy raised about $333.7 million in net proceeds by selling 3,458,866 MSTR shares between Aug. 10 and Aug. 16, according to an 8-K filing with the Securities and Exchange Commission. The company did not buy or sell any bitcoin during the period, leaving its bitcoin reserves unchanged at 840,447 BTC.
The stock sales were executed at an average price of approximately $96.48 per share, down from $99.17 the previous week. Proceeds were split three ways: $52.4 million funded dividends on Strategy's STRC preferred stock, $132.2 million funded repurchases of STRC under the Digital Credit Securities Repurchase Program, and $149.1 million was added to the company's USD reserve. The reserve now stands at $4.8 billion, up from $4.65 billion a week earlier, and is held against preferred dividends and interest obligations.
Strategy said the STRC buyback covered 1,388,720 shares, leaving $653 million of the $1 billion Digital Credit Securities Repurchase Program available. A separate $1 billion authorization covering MSTR common stock remains untouched. The firm also said its USD duration increased by 41 days to 2.8 years, while STRC's BTC credit tightened by 4 basis points to 114 basis points.
The company's bitcoin position, worth about $53.4 billion at Monday's price near $63,500, was acquired at an average cost of $75,385 per bitcoin for a total cost of roughly $63.4 billion including fees and expenses. That leaves an estimated paper loss of around $10 billion. Strategy's holdings still represent approximately 4% of bitcoin's 21 million supply cap. Since May, Strategy has sold 6,948 BTC for approximately $432.5 million, but none of that capacity was used last week. Under the company's framework, bitcoin sales can fund dividends, interest, buybacks and reserves, with roughly $820 million of its current sales capacity remaining after about $429 million used.
In a related development, MSCI has proposed a methodology for identifying non-operating companies that could remove Strategy and Metaplanet from its Global Investable Market Indexes. A simulation using May 2026 data showed Strategy, Metaplanet and Yellow Cake would be deleted from the MSCI ACWI IMI under the new proposal. Separately, Norway's sovereign wealth fund saw its indirect bitcoin exposure rise to a record 11,549 BTC in the first half, with its Strategy holdings accounting for 86% of that exposure, valued at about $622 million.
Strategy co-founder Michael Saylor did not post his usual bitcoin tracker chart over the weekend, a routine that has become more cryptic as the company's treasury policy has shifted. MSTR shares fell 4.1% last week to $93.04 and remain down nearly 80% from their summer 2025 peak, while bitcoin slid 3% over the same period. Bitcoin traded around $63,539 on Monday, up about 1% in 24 hours, with MSTR shares up 1.3% in pre-market trading.
