Strategy's $109M Bitcoin Sale Pushes Market Value Below NAV

Strategy, the company founded by Michael Saylor, has sold Bitcoin four times in 2026. These sales have pushed the total to nearly 7,000 BTC this year alone.

The latest sale on August 10 was for about $109 million and consisted of 1,690 BTC. This sale was part of a larger strategy to repurchase preferred stock. However, this move has had an unintended consequence: Strategy's market value is now below the net asset value (NAV) of its Bitcoin holdings.

This marks a significant departure from Saylor's long-held stance that the company would never sell its Bitcoin holdings. In fact, the company built its entire business model around buying and holding Bitcoin, with the idea that the rising multiple of NAV (mNAV) would justify further purchases and increased market value.

However, in August, Strategy's mNAV dipped below 1, breaking this logic. As a result, the company has been forced to sell its Bitcoin reserves to fund preferred dividend obligations, buybacks, and other expenses. This has diluted existing shareholders and marked a significant reversal of Saylor's strategy.