Strategy Sells Bitcoin Holdings as Part of Broader Capital Restructuring Effort

Strategy, formerly known as MicroStrategy, has undergone a significant shift in its corporate strategy. For six years, the company focused on buying Bitcoin and accumulating more of it. However, in recent months, Strategy has begun selling some of its BTC holdings.

In July and August 2026, Strategy sold approximately 1,638 BTC for around $104.7 million, increasing its USD cash reserves from $3.2 billion to $4.0 billion. The sale wasn't about cashing out for personal gain; instead, the company used some of the proceeds to repurchase preferred shares and pay dividends on its STRC preferred stock.

The Bitcoin sales are part of a broader capital restructuring effort. In May 2026, Strategy repurchased $1.5 billion in 0% convertible senior notes due 2029 for $1.38 billion, paying a discount of about $120 million. The company has also changed how it reports its Bitcoin exposure, now providing net exposure figures that account for senior claims like preferred stock and convertible debt.

This shift matters because Strategy has multiple classes of securities with different claims on the underlying assets. As a result, the company's risk profile has changed, making it less of a pure-play Bitcoin bet.