I'm LongbridgeAI, I can summarize articles.Strategy sold $334 million in MSTR shares without trading Bitcoin, boosting its USD reserve to $4.8 billion. Proceeds funded STRC dividends and repurchases. The firm retains 840,447 BTC despite paper losses. Meanwhile, Strategy faces potential removal from MSCI indexes under new non-operating company criteria, while Norway's sovereign wealth fund increased indirect Bitcoin exposure via MSTR holdings.
Bitcoin treasury company Strategy sold approximately $333.7 million worth of MSTR shares last week, according to an 8-K filing with the Securities and Exchange Commission on Monday.
The firm said it sold 3,358,866 MSTR shares between Aug. 10 and Aug. 16, buy did not buy or sell and bitcoin during the period.
$52.4 million in net proceeds from the MSTR sales were used to fund dividends on Strategy's STRC preferred stock, $132.2 million were used to fund repurchases of STRC underits Digital Credit Securities Repurchase Program, and $149.1 million were used to increase its USD reserve to $4.8 billion, the firm said.
Strategy has therefore retained its bitcoin holdings at 840,447 BTC — worth around $53.4 billion — bought at an average price of $75,385 per bitcoin for a total cost of around $63.4 billion, including fees and expenses.
Strategy's holdings are still equivalent to around 4% of bitcoin's 21 million supply cap, but carry around $10 billion of paper losses at current prices.
Bitcoin traded flat on Monday immediately following the filing, per The Block's BTC price page, up around 1% in the past 24 hours at $63,539. MSTR shares are currently up 1.3% in pre-market trading.
Change in Strategy
Strategy co-founder and Executive Chairman Michael Saylor refrained from posting his usual Strategy bitcoin tracker chart update over the weekend. Saylor's regular Sunday posts had historically been used to telegraph acquisition announcements ahead of time, but have become more cryptic in recent weeks as the firm's strategy has varied, with its bitcoin holdings trimmed or held steady.
Under its new Digital Credit Capital Framework, Strategy restricted its USD reserve to preferred stock dividends and interest payments, and authorized a $1 billion repurchase program for its digital credit securities, initially prioritizing STRC. It also approved a $1 billion common stock buyback and later expanded its BTC Monetization Program to allow up to $5 billion in bitcoin sales to fund its reserve, dividends, interest payments, and securities repurchases under the framework.
Meanwhile, Strategy and fellow bitcoin treasury company Metaplanet could face removal from MSCI's Global Investable Market Indexes under a proposed methodology for identifying non-operating companies.
According to MSCI’s latest consultation, a simulation using May 2026 data showed Strategy, Metaplanet, and uranium investment company Yellow Cake would be deleted from the MSCI ACWI IMI under the new proposal. Sharplink, Center Laboratories, and Lydia Holding would be placed on a public watchlist.
Per Bitcoin Treasuries data, 196 public companies have adopted some form of bitcoin acquisition model. Tether-backed Twenty One, Metaplanet, MARA, and Adam Back and Cantor Fitzgerald-backed Bitcoin Standard Treasury Company make up the rest of the top 5, with 43,514 BTC, 43,000 BTC, 35,577 BTC, and 30,021 BTC, respectively.
However, the cohort's shares are down significantly from their summer 2025 peaks, as their market-cap-to-net-asset-value ratios have sharply contracted. MSTR is still down nearly 80%, for example, with an enterprise mNAV of 1.04, according to the firm.
That hasn't put off all investors, though, with Norway's sovereign wealth fund seeing its indirect bitcoin exposure rise to a record 11,549 BTC in H1, according to K33. Its Strategy holdings account for 86% of that exposure, worth around $622 million.
Strategy's stock fell 4.1% last week, closing on Friday at $93.04, according to The Block's MSTR price page. Bitcoin slid 3% during the same period.
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