Strategy CEO: Bitcoin Accumulation to Resume in 2026

Strategy signals return to Bitcoin buying before end of 2026

Strategy CEO Phong Le has confirmed the company intends to restart Bitcoin accumulation later in 2026, despite recent disposals that trimmed its reserve to 840,447 BTC. Le framed the planned buying as part of a broader capital-management program that balances Bitcoin holdings with dollar liquidity and preferred-stock support.

Key takeaways

• Strategy plans to resume Bitcoin purchases before the end of 2026.
• Recent sales reduced holdings to 840,447 BTC.
• The company sold 3,328 BTC for roughly $213.3 million in the two latest reporting periods.
• Strategy’s US dollar reserve has risen to $4.65 billion.
• Bitcoin sales are being used to repurchase variable-rate preferred stock (STRC) and to cover dividend liabilities.

Why Strategy sold Bitcoin and how it plans to buy again

Over the past reporting cycles, Strategy executed several Bitcoin sales while simultaneously bolstering dollar liquidity and supporting its preferred securities. Le told Fox Business that the company will return to accumulation after rebuilding the cash buffer and supporting its preferred-stock products—particularly the variable-rate STRC shares.

Management’s approach has combined weekly Bitcoin sales with targeted repurchases of its variable-rate preferred stock. The proceeds from common-share sales have been directed to the company’s designated US dollar reserve, while Bitcoin sales have been routed toward STRC buybacks and dividend payments.

In a July Bloomberg interview, Le linked the next phase of Bitcoin buying to a recovery in the company’s STRC preferred stock (ticker STRC). “We’ll continue to build that. And yeah, when Stretch gets back to par, we’ll issue more. We’ll buy more Bitcoin,” he said, outlining a cyclical plan that ties preferred-stock issuance and buybacks to Bitcoin accumulation.

STRC mechanics and Strategy’s plan

STRC was structured with a variable dividend rate that management can adjust monthly to nudge the share price toward its $100 stated value. When STRC trades below par, the company has both the incentive and the mechanism to repurchase shares, reducing outstanding preferred obligations and improving what Strategy calls STRC’s “Bitcoin credit”—a measure of Bitcoin and cash backing relative to preferred claims.

Management has publicly stated a target range of $99–$100 for STRC and has been repurchasing shares when prices fall below that threshold. A recovery in STRC toward par would allow Strategy to issue more preferred shares as a capital-raising tool, which in turn could fund additional Bitcoin purchases once market and capital conditions warrant.

Recent sales, repurchases and their impact on the Bitcoin reserve

An Aug. 10 SEC filing revealed that Strategy sold 1,690 BTC between Aug. 3 and Aug. 9, receiving $108.6 million after fees and expenses. The Bitcoin was sold at an average price of $64,262 per coin. Proceeds funded the repurchase of 1,152,020 STRC shares at an average of about $94.29 per preferred share, leaving approximately $785.2 million available under the company’s STRC repurchase authorization.

That transaction reduced Strategy’s reported Bitcoin reserve from 842,138 BTC to 840,447 BTC. According to the filing, the remaining holdings were acquired for roughly $63.36 billion at an average price of $75,385 per coin.

The Aug. 3–9 sale followed a sale of 1,638 BTC for $104.73 million during the week ending Aug. 2. From that earlier sale, roughly $52.4 million was used to pay preferred-stock dividends and $52.3 million went toward additional STRC repurchases. Across the two most recent reporting periods, Strategy sold a combined 3,328 BTC for approximately $213.3 million.

When looked at in context, the company’s disclosed reserve has declined from 847,363 BTC on June 22 to 840,447 BTC after several successive sales. Prior moves included a 3,588 BTC sale for about $216 million between June 29 and July 5 and a 32 BTC disposal around the end of May—the first disclosed sale since December 2022.

Liquidity strategy: dollar reserve tops $4.6 billion

While trimming Bitcoin exposure, Strategy has simultaneously increased its US dollar liquidity. An Aug. 10 filing showed that the company sold 6,585,329 shares of MSTR common stock through at-the-market (ATM) programs, generating roughly $653.1 million in net proceeds. Management directed $650 million of that amount into the company’s designated US dollar reserve and placed the remaining $3.1 million into unrestricted cash.

That contribution raised the reserve from $4.0 billion to $4.65 billion as of Aug. 9. Earlier in late July, Strategy reported a $3.75 billion reserve; a subsequent $250 million contribution had lifted it to $4.0 billion. Management has characterized the reserve as a management-designated liquidity pool—not a legally restricted account—created in December 2025 to support preferred dividends, interest payments and debt obligations.

Le has emphasized that maintaining dollar liquidity became a clear priority for Strategy. During the company’s second-quarter earnings call, he noted that the firm had “learned the importance of holding dollars instead of relying only on Bitcoin as a liquid balance-sheet asset.” The current reserve level is intended to provide several years of coverage for preferred dividends and interest payments under varying assumptions.

Capital structure and investor exposure

US investors maintain exposure to Strategy’s balance sheet and Bitcoin reserve through MSTR common shares and STRC preferred shares, both traded on Nasdaq and reported through SEC filings. MSTR equity reflects not just Bitcoin price exposure but also the company’s software operations, debt, cash reserve and capital-structure changes—factors that can cause performance to diverge from BTC spot prices.

Strategy’s Aug. 10 filing showed adjusted shares outstanding rose to roughly 423.85 million after the latest common-stock sales. The company also has about $11.7 billion of MSTR shares available for issuance across two ATM programs. In addition, Strategy retains a $1 billion authorization to repurchase MSTR common stock, an authorization that had not yet been used as of Aug. 9.

STRC offers a different exposure profile: holders receive a variable cash dividend rather than direct Bitcoin ownership. Under STRC’s terms, Strategy can change the dividend rate monthly, the preferred shares have no maturity date, and they are not guaranteed to trade at their $100 stated amount—factors investors should weigh when assessing STRC as a source of yield versus direct BTC exposure.

What this means for crypto investors and markets

Strategy’s recent sales and stated intent to resume buying before the end of 2026 underscore a cautious, capital-conscious institutional approach to Bitcoin treasury management. The company is prioritizing liquidity and preferred-stock stability while preserving an avenue to re-accumulate Bitcoin when preferred conditions normalize or when issuance becomes an efficient funding mechanism.

For institutional and retail participants, the key signals are that: (1) large corporate Bitcoin holders can and will adjust exposure to manage corporate obligations; (2) dollar reserves remain a tactical tool to smooth dividend and interest coverage; and (3) preferred-stock mechanics—like those of STRC—can materially influence corporate treasury flows and market liquidity for Bitcoin.

Investors tracking institutional Bitcoin demand should watch STRC’s trading level, upcoming STRC repurchase activity, ATM common-stock issuance, and additional SEC disclosures for concrete dates and volumes of any resumed Bitcoin accumulation. Until Strategy sets a specific purchase date, its comments amount to a conditional plan tied to capital-structure targets rather than an immediate commitment to buy.

Bottom line

Strategy remains one of the largest corporate holders of Bitcoin and has signaled a deliberate, multi-pronged approach to managing its BTC reserve, preferred securities and dollar liquidity. While recent sales reduced its BTC stash to 840,447 coins, management’s stated objective is to rebuild capacity to buy Bitcoin again in 2026—once preferred shares like STRC recover toward par and capital conditions align.

For crypto-market watchers, Strategy’s moves illustrate how corporate treasury management, preferred-stock programs and dollar reserves can interact to shape institutional Bitcoin demand and supply dynamics.