Strategy Sells $108M Worth of Bitcoin, Critics See Shift from 'Digital Credit'

Strategy, an investment firm led by Michael Saylor, has sold 1,690 Bitcoin for approximately $108.6 million between August 3 and August 8. This sale brings the company's total Bitcoin holdings to 840,447 units, acquired at a purchase price of around $63.36 billion.

Peter Schiff, a long-time Bitcoin critic, interprets this move as an abandonment of the idea of 'digital credit'. He argues that MSTR is now selling Bitcoin for cash because lenders lack confidence in using BTC as collateral. According to Schiff, Strategy is consistently selling Bitcoin to buy dollars, and prefers fiat money over cryptocurrency.

This development has sparked concerns among investors, with Nicholas Mugalli, an institutional TMT research analyst, stating that MSTR's actions break the 'never sell' thesis. He notes that the company is now actively selling BTC below its average cost basis to buy back $STRC preferred shares and reduce capital structure dilution.

MSTR stock has been trending downward, with a 38% decline so far in 2026. The sale of Bitcoin may be perceived as a cautious move by Saylor to avoid a larger market selloff while unloading his assets.