Five weeks ago we wrote that every Strategy dividend date now comes with a question attached. The answer is arriving on a schedule: Monday, apparently, is filing day. In a disclosure dated August 10, Strategy reported selling 1,690 BTC for $108.6 million between August 3 and August 9, at an average price of $64,262 per coin, its second sale in as many weeks and its fourth of 2026, per FinanceFeeds and Coinpaper. Bitcoin, which spent four days probing $65,000, slipped toward $64,000 as the news circulated Monday, per CoinDesk's live coverage.
What is new this time is not the selling but the destination. July's record disposal, the 3,588 BTC sale we covered on July 7, paid preferred dividends. This one bought the preferreds themselves: per Cointelegraph, the full $108.6 million went to repurchasing about 1.15 million shares of STRC, the company's variable-rate preferred instrument. Retiring a preferred share does not just return capital, it permanently cancels the dividend that share would have collected every quarter from now on. Strategy is spending bitcoin to shrink the obligation machine, not merely to feed it.
After the sale, still the largest stack.
About $108.6M at $64,262 average.
Those shares stop collecting dividends.
Less fixed cost against the treasury.
Selling underwater, on purpose
The uncomfortable arithmetic has not changed since July, it has just been restated at a new size. Strategy's 840,447 BTC were acquired for roughly $63.36 billion, an average of $75,385 per coin, per the figures in the disclosure. The August batch went out the door at $64,262, about 15 percent below that cost basis, which BeInCrypto pencils out to an estimated $18.8 million loss on this sale alone. A company selling an appreciating asset below its own average entry to retire paper yielding a fixed dollar coupon is making a very specific statement about which of those two numbers it trusts less right now.
The cadence is the other statement. Per Coinpaper's tally, the four disclosed sales of 2026 now total 6,916 BTC. Against the size of the stack that is still under one percent, and nobody serious is calling it liquidation. But the July sale was framed as an exceptional response to a dividend date, and an exceptional event does not usually repeat the following Monday. Alongside the bitcoin sales, per FinanceFeeds, the company also raised $653.1 million by selling 6.59 million MSTR common shares during the same week and reported a US dollar reserve of about $4.65 billion, so the balance sheet is being defended from both directions at once: sell what the market will absorb, stockpile cash, and retire the most expensive obligations first.
The signal the market actually trades
For the tape, $108.6 million spread over a week is noise against bitcoin's daily volume, and Monday's dip toward $64,000 was orderly. The real cargo is psychological, the same as in July but heavier for the repetition: the most famous bitcoin balance sheet in the world has moved from accumulating to actively managing decline, and it is doing so mechanically, weekly, at prices below its own cost basis. Every treasury company that copied the playbook in 2024 and 2025 is watching the original operator run it in reverse.
The timing adds its own edge. As we laid out in yesterday's CPI week setup, this market has parked itself at $65,000 waiting on Wednesday's July inflation print, with sentiment in the fear zone and positioning deliberately light. A soft CPI that revives the rate-cut trade would lift bitcoin, restore some premium to the treasury-company complex, and make these weekly filings a footnote, possibly even a shrewd one if the retired preferreds were bought cheap. A hot print does the opposite, and it would land on a market that now knows exactly which company files on Mondays. Either way, the answer to the question we asked in July has arrived: it was not a one-off. It is a program.
