51 minutes ago
Strategy CEO Phong Le says the bitcoin treasury institution volition resume accumulating bitcoin aboriginal this year, adjacent aft selling 4 times since May. Le noted Strategy has inactive bought astir 175,000 BTC successful 2026 against astir 7,000 sold, a 25-to-1 buy-to-sell ratio.
Key Takeaways
- Strategy has bought 175,000 BTC successful 2026 portion selling conscionable 7,000, a 25-to-1 ratio, Phong Le says.
- Strategy’s USD reserve deed a grounds $4.65 cardinal successful August 2026 aft increasing implicit 5X successful 10 weeks.
- Traders present ticker whether Strategy’s mNAV recovers arsenic buying resumes.
A Pivot After Four Rounds of Selling
Strategy CEO Phong Le told Fox Business the institution volition get backmost to buying much bitcoin passim the remainder of 2026, pushing backmost against the thought that a caller tally of income marks a retreat from its accumulation strategy.
Le pointed to the math, stating that Strategy has purchased astir 175,000 BTC since the commencement of the twelvemonth portion selling lone astir 7,000 BTC, a buying gait helium said runs astir 25 times higher than its selling.
That selling has inactive drawn scrutiny due to the fact that it breaks with Strategy’s long-standing “never sell” posture nether president Michael Saylor. The institution has offloaded bitcoin connected 4 abstracted occasions since May, astir precocious betwixt Aug. 3 and Aug. 9, erstwhile it sold 1,690 BTC astatine an mean terms of $64,262 for astir $108.6 million.
Strategy present holds 840,447 BTC, acquired for a full outgo adjacent $63.36 cardinal astatine an mean acquisition terms of $75,385 per coin, meaning the latest income were executed beneath the company’s ain outgo basis.
Why the Market Is Watching Closely
Strategy’s banal has historically traded astatine a premium to the bitcoin it holds, a spread tracked done its mNAV, oregon aggregate of nett plus value, which compares the company’s marketplace capitalization to the worth of its bitcoin treasury. That premium peaked adjacent 3.4x successful November 2024. By Aug. 3, Strategy’s basal mNAV had fallen to astir 0.68x, meaning the marketplace was pricing the institution beneath the worth of its ain bitcoin holdings.
Le’s comments posture the income not arsenic a nonaccomplishment of condemnation but arsenic short-term balance-sheet absorption wherever proceeds person gone toward preferred banal dividends, buybacks of its STRC preferred shares, and gathering up a U.S. dollar reserve (rather than being spent extracurricular the bitcoin strategy entirely).
The income besides people a displacement successful code from Saylor himself, who built Strategy’s estimation connected a “never sell” ethos. Pressed connected the reversal, Saylor said he ne'er really promised the institution itself would ne'er sell, recasting the operation arsenic idiosyncratic proposal for idiosyncratic holders alternatively than a firm pledge.
The reframing followed a unsmooth 2nd 4th with Strategy posting an $8.6 cardinal nett loss for Q2 2026, driven astir wholly by an $8.3 cardinal non-cash mark-to-market nonaccomplishment connected its bitcoin holdings arsenic BTC fell toward $58,700 by quarter’s end.
Rebuilding the Cash Position
The clearest grounds of that balance-sheet enactment is the dollar reserve itself. Strategy’s USD reserve climbed to an all-time precocious of $4.65 billion, up from $871 cardinal successful precocious May, much than fivefold maturation successful astir 10 weeks. The buildup has been funded done a premix of equity issuance and bitcoin sales; the astir caller circular unsocial raised $653.1 cardinal by selling MSTR shares done its at-the-market program, connected apical of the $108.6 cardinal freed up from the 1,690 BTC sale.
Strategy isn’t the lone bitcoin treasury institution recalibrating this year, arsenic bitcoin miner MARA besides sold 23,093 BTC for astir $1.6 cardinal successful the archetypal fractional of 2026, citing a displacement toward much flexible treasury absorption alternatively than axenic accumulation (a motion the sector-wide “buy and ne'er sell” playbook is giving mode to much progressive balance-sheet strategies adjacent among bitcoin’s largest organization holders).
Looking ahead, Le’s comments awesome the institution intends to instrumentality to nett accumulation erstwhile its existent capital-management propulsion winds down. The mNAV discount adds a 2nd adaptable since a sustained commercialized beneath 1x could unit Strategy to support prioritizing buybacks and reserve-building implicit caller bitcoin purchases, since repurchasing undervalued MSTR shares tin beryllium much accretive to shareholders than adding bitcoin astatine a premium.
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