Saylor Posts ‘Doing Business’ as Strategy Lists 842,138 BTC

Michael Saylor, executive chairman of Strategy Inc. (Nasdaq: MSTR), posted a screenshot of the company’s bitcoin tracker on X on Aug. 9 with the two-word caption “Doing Business.” The image and the post drew attention because recent SEC filings show the firm has sold bitcoin and now holds 842,138 BTC.

Weekend chart posts from Saylor have previously come before Strategy’s weekly public disclosures and have often preceded fresh bitcoin purchases. This summer the pattern changed: a weekend post that prompted buy speculation was followed by a filing that reported a sale.

The screenshot Saylor posted showed a bitcoin reserve valued at about $54.66 billion and listed 113 purchase events dating back to Aug. 10, 2020, with an average cost of roughly $75,653 per coin. The display indicated the position was about 14.21% below cost, an unrealized loss of roughly $9.05 billion. Strategy’s live dashboard later showed a combined reserve of $58.89 billion, including about $4 billion in U.S. dollars; bitcoin alone was shown at roughly $54.9 billion, implying a market price near $65,180 per coin and an unrealized shortfall near $8.6 billion. SEC filings list the company’s cost basis at about $75,419 per coin, or approximately $63.51 billion spent including fees. The company reports its holdings equal about 4.01% of all bitcoin that will ever exist.

Strategy’s public ledger, which runs to 117 entries, lists four recent disposals and no purchases since June 22. An Aug. 3 SEC filing covered 1,638 BTC sold for about $104.73 million between July 27 and Aug. 2 at an average price of $63,957. Earlier entries report 2,225 coins sold on July 6 at an average of $60,773, 1,363 coins on June 30 at $59,256, and 32 coins on June 1 at $77,135. Three of those four sales were executed below the company’s average purchase price.

Proceeds from recent sales have been used for preferred-stock dividends, repurchases of the company’s STRC class shares and to enlarge the U.S. dollar reserve. The company reported buying back 912,143 STRC shares for $81.2 million. The Aug. 3 disclosure marked Strategy’s third selling episode of 2026. The company reported a net loss of $8.22 billion for the second quarter.

Operational metrics tied to the bitcoin program have declined: Strategy’s BTC yield, its measure of bitcoin added per share, was 3.5% for the year and negative 4.6% for the most recent quarter. Market measures reflect investor response: Strategy’s stock closed at $100.01 on Aug. 7, giving the company a market value of about $38.77 billion, down roughly 75% over the past 12 months. Shareholders stand behind about $6.75 billion of debt and $15.35 billion of preferred stock, leaving a reported net reserve of roughly $36.79 billion and an annual interest and dividend burden near $1.75 billion.

Saylor has discussed bitcoin-backed lending as a potential way to generate income from the company’s holdings. With the public ledger showing recent sales and no purchases since late June, the company’s next SEC filings will indicate whether further disposals continue, purchases resume, or other capital-management actions occur.