Strategy plans to resume Bitcoin purchases later this year after selling portions of its holdings to fund corporate obligations, buy back shares and build its US dollar reserve, Chief Executive Phong Le said in an Aug. 11 interview with FOX Business.
Le said the company bought about 175,000 Bitcoin this year while selling roughly 7,000 BTC, leaving purchases at around 25 times the volume sold. The figures show that the sales were a funding decision rather than a wholesale retreat from the Bitcoin treasury strategy that has defined the company’s capital structure.
Strategy holds more than 840,000 BTC, according to Le, who said the company had moved from the world’s second-largest institutional Bitcoin holder to the largest. That stockpile would give Strategy an unusually large influence over corporate demand for Bitcoin, even as its ability to continue accumulating depends heavily on the valuation of its own shares.
Bitcoin sales funded dividends, buybacks and cash reserves
Strategy has sold Bitcoin on four occasions since May, Le said. Its latest disposal involved 1,690 BTC. The company directed proceeds toward preferred-stock dividends, share repurchases and its dollar reserve.
The choice of uses reflects the competing demands on a company that has paired a Bitcoin-heavy balance sheet with several layers of financing. Dividends on preferred shares represent a recurring cash commitment, while share repurchases can support existing shareholders when the company believes its stock is undervalued. A larger dollar reserve also gives Strategy more liquidity to meet obligations without immediately selling additional Bitcoin.
The sales remain small compared with the company’s reported holdings. At roughly 7,000 BTC, the amount sold this year represents less than 1% of the more than 840,000 BTC that Le said Strategy owns. Yet even limited sales have drawn attention because the company has long been treated by public-market traders as one of the clearest vehicles for gaining leveraged exposure to Bitcoin.
Strategy’s shares can trade at a premium or discount to the market value of its Bitcoin holdings, after accounting for debt, preferred capital and other claims. That gap has been central to its acquisition strategy. When shares trade well above the value of the underlying Bitcoin per share, issuing new stock can raise capital with less dilution and finance further purchases.
A narrow stock premium constrains new purchases
Recent market data places Strategy’s stock at about 1.05 times its net coin value, a narrow premium that makes equity issuance less attractive than it was during periods of stronger market enthusiasm.
Novaque Research has described the pattern facing Bitcoin treasury companies: they can issue debt or equity to purchase additional Bitcoin when their shares command a substantial premium to their Bitcoin holdings. The model becomes more difficult when the market value of the company approaches the net value of its reserves. Selling new shares at a thin premium can dilute current shareholders while adding relatively little incremental Bitcoin exposure.
That dynamic helps explain why Strategy is emphasizing capital management before returning to large-scale purchases. Le’s comments indicate that the company has not abandoned buying, but that it is managing its treasury alongside obligations created by the financing that enabled its previous accumulation.
A fall below parity — where the company’s market value no longer exceeds the net value of its Bitcoin holdings — would make raising fresh equity particularly challenging. The company could then face a less favorable choice between waiting for its stock valuation to recover, issuing more expensive debt, using cash reserves, or selling Bitcoin.
Fixed claims raise the cost of a weaker Bitcoin market
Strategy carries more than $22 billion in preferred-capital obligations and senior claims, according to the figures provided. Those obligations can become more demanding when Bitcoin prices and the company’s share price weaken at the same time.
Bitcoin price declines reduce the value of the company’s main reserve asset, while a lower share valuation can restrict its access to equity financing. Preferred dividends and other senior claims do not decline in the same way. This creates a structural tension: the company’s asset base is highly market-sensitive, while parts of its capital structure carry fixed or senior payment demands.
Strategy’s establishment of a dollar reserve could reduce the need to sell Bitcoin during short-term market stress. The effectiveness of that buffer will depend on the size of the reserve, the company’s dividend schedule, debt-related costs and the duration of any downturn in Bitcoin or its stock.
Funds continue accumulating as corporate buying slows
The strain on corporate treasury strategies comes as regulated Bitcoin investment products continue attracting capital. BitcoinTreasuries.NET reports that public companies collectively hold more than 1.26 million BTC, while exchange-traded funds and other funds hold more than 1.6 million BTC.
Regulated exchange products received $853 million in net new capital during the first week of August 2026, according to the market data cited in the materials. A BlackRock-managed fund accounted for $693 million of that total.
The contrast is increasingly clear: funds can generally add Bitcoin when client subscriptions arrive, while corporate buyers must weigh stock-market premiums, dividend commitments, debt capacity and shareholder dilution before making similar purchases. Strategy’s planned return to buying would therefore depend not only on Bitcoin’s market price, but also on whether its shares regain enough of a premium to support another round of capital raising.
See how institutional moves could affect your portfolio—read our take on Bitcoin strategic reserves and long-term BTC strategy.
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