Strategy CEO Phong Le says the company will return to buying Bitcoin later in 2026, even after recent sales cut its reserve to 840,447 BTC. The firm has used the proceeds from those sales to repurchase its Stretch preferred stock and to build a cash cushion that reached $4.65 billion this week.
Strategy CEO Phong Le said the company plans to increase its Bitcoin holdings again before the end of 2026, even after recent sales reduced its reserve to 840,447 BTC. Fox Business reported that Le expects Strategy to return to accumulation as the company builds its US dollar reserve and supports its preferred stock products. The company has not set a date for its next purchase.
Bitcoin sales fund Stretch preferred stock buybacks
An Aug. 10 SEC filing showed that Strategy sold 1,690 BTC between Aug. 3 and Aug. 9, receiving $108.6 million after fees and expenses. The company sold the Bitcoin at an average price of $64,262 and used the proceeds to repurchase 1,152,020 shares of its Stretch preferred stock, known by the ticker STRC, paying an average of about $94.29 per share. Following the transaction, Strategy's Bitcoin reserve fell from 842,138 BTC to 840,447 BTC, holdings the company acquired for about $63.36 billion at an average price of $75,385 per coin. That sale followed an earlier one during the week ending Aug. 2, when Strategy sold 1,638 BTC for $104.73 million at an average price of $63,957. Across the two periods, the company has sold 3,328 BTC for approximately $213.3 million.
Next buying phase tied to STRC's recovery
Le linked the next buying phase to a recovery in STRC during a Bloomberg interview in July, saying: "when Stretch gets back to par, we'll issue more", and that Strategy would then buy more Bitcoin. Strategy designed STRC with a variable dividend rate that management can adjust to keep the shares trading near their $100 stated amount, and it kept the annualized rate at 12% for August despite STRC ending July below $90. Le has said Strategy wants STRC to trade between $99 and $100 before issuing additional shares.
Dollar reserve climbs to $4.65 billion
Strategy sold 6,585,329 shares of MSTR common stock through its at-the-market programs in the Aug. 10 filing, generating about $653.1 million in net proceeds. Management placed $650 million of that into the company's dollar reserve, lifting it from $4 billion to $4.65 billion as of Aug. 9. In late July, Strategy had reported a reserve of $3.75 billion, which management estimated could cover about 2.1 years of preferred dividends and interest payments. Le told Fox Business that Strategy has been adding to its dollar holdings, calling liquidity one of the company's current priorities.
Source: crypto.news
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