Strategy Inc has not purchased a bitcoin since the week ending 21 June 2026. That much has been reported, including on this site. What has not been reported is what the other side of that decision now costs, because until Sunday night the arithmetic did not exist.

Bitcoin’s weekly candle settled at $77,734.00 on 23 August. Against that price, the 6,916 bitcoin Strategy has sold since its last purchase — disposed of for $429.33 million at an average of $62,077.79 — would be worth $537.61 million. The gap is $108.28 million.

Strategy’s tenth consecutive weekly disclosure, covering 17–23 August, is expected on EDGAR today. It will be the first to cover a week in which the company’s bitcoin was worth more than it paid for it.

The ledger, from the filings

Every figure in this table is taken directly from Strategy’s Form 8-K filings, pulled from SEC EDGAR on 24 August 2026. No secondary source is involved.

Nine consecutive reporting periods — eight calendar weeks, 22 June to 16 August — and not one contains a purchase. Holdings fell from 847,363 to 840,447, a decline of exactly 6,916 coins, which reconciles to the sum of the four disclosed sales. One arithmetic note in the interest of precision: 843,775 less 1,638 is 842,137 against a reported 842,138, and 842,138 less 1,690 is 840,448 against a reported 840,447. Both discrepancies are one coin and in opposite directions, consistent with rounding of fractional holdings.

The cross-product: what the sales cost against Sunday’s close

This is not a claim that management made a mistake. Every one of those sales funded a real obligation: preferred dividends and, latterly, preferred repurchases. Strategy has been explicit that it would do exactly this. The number is simply the price of the policy, denominated in bitcoin rather than in dollars — and it is a number the company will never print, because on its own books the sales are accounted at the prices realised.

Michael Saylor has addressed the sales directly. He told CoinDesk in May that selling bitcoin to fund dividends is “inconsequential,” describing the practice in that interview as “a big nothing burger.” At the scale of an 840,447-coin position, 6,916 coins is 0.82% of the stack, and the characterisation is defensible. At the scale of a $108 million opportunity cost realised in eight weeks, readers can form their own view.

The other side of the crossing: the stack is $1.97 billion above cost

The same weekly close that makes the sales look expensive makes the remaining position look considerably better.

On Friday this desk computed that the largest corporate bitcoin treasury had crossed back above its cost basis by roughly $52.1 million — a margin of 0.08%, or about seven hours of ordinary volatility. Two sessions later the cushion is $1.97 billion, thirty-eight times larger. That is the entire economic significance of a 23.58% week for this particular balance sheet.

It also sets up the question that the filing due today answers. A company that sold below cost for a quarter to fund dividends now holds an asset trading above cost. It can monetise at better prices than at any point since June — or it can stop, because the equity market has reopened as a funding channel. Both are consistent with everything it has said.

Where the money has actually been coming from

It has not been coming from bitcoin for most of the period. It has been coming from the common-stock at-the-market programme, and that is the change the coverage has largely missed.

The 17 August filing is the cleanest illustration. Strategy sold 3,458,866 MSTR shares for $333.7 million net — an average of about $96.48 per share, net of commission — and allocated it in three parts, all disclosed: $52.4 million to STRC preferred dividends, $132.2 million to repurchasing STRC stock (1,388,720 shares), and $149.1 million into the USD Reserve. The three figures sum exactly to $333.7 million. None of it bought bitcoin.

The reserve itself has gone from $1.40 billion on 22 June to $4.80 billion on 16 August, a rise of $3.40 billion in eight weeks. Under the Board policy adopted on 29 June, it is restricted to preferred dividends and debt interest, must hold at least twelve months of expected obligations, and — a detail worth noting — cannot be used to fund repurchases. It is corporate policy rather than pledged collateral or a contractual covenant, a distinction Strategy itself makes in its investor materials.

What Bitcoin Did, Michael Saylor | The Bitcoin Treasury Debate Gets Heated. Embed verified against the YouTube oEmbed endpoint on 24 August 2026.

The disclosure almost nobody has carried

Buried in Strategy’s 13 August investor briefing, filed as a free writing prospectus on 14 August, is a sentence with real consequences for anyone comparing charts:

“Prior to July 23, 2026, the Company’s use of the term mNAV referred to a different metric so references to the Company’s mNAV calculated prior to that date are not comparable to the Company’s mNAV calculated after that date.”

Strategy Inc, Form FWP filed 14 August 2026 (investor briefing dated 13 August 2026)

mNAV — market value relative to net asset value — is the single most quoted ratio in bitcoin-treasury analysis, because it determines whether issuing equity to buy bitcoin is accretive or dilutive. Strategy changed what the term means on 23 July 2026 and says so in its own filing. Every mNAV time series spanning that date is splicing two different metrics together. The company has told readers not to do that; almost no chart obeys.

The same briefing sets out the June 29 framework in the company’s own language: a shift “from one-way issuance to dynamic capital allocation,” under which Strategy can move among issuance, repurchases, bitcoin acquisition and “limited BTC monetization” as conditions change. The BTC Monetization Program carries authority to generate up to $1.25 billion specifically to build the USD Reserve, plus separate authority to fund obligations and approved repurchases. As of the 6 July filing, the full $1.25 billion reserve-funding capacity remained unused — meaning the sales to date were made under the dividend and repurchase legs, not the reserve leg. That distinction has not appeared anywhere in the coverage we have seen.

What to look for in today’s filing

1. The BTC Update table. Purchased, sold, or neither, for 17–23 August — the first week the position traded above cost.
2. The ATM row. If the common-stock programme raised money again at Friday’s $119.25 close, roughly 24% above the prior week’s $96.48 average, that is a materially cheaper cost of capital than the week before.
3. The USD Reserve balance. $4.80 billion on 16 August. A further increase says the accumulation phase of the reserve is not finished.
4. Digital Credit repurchases. $653.0 million of authority remained after last week’s $132.2 million of STRC buybacks; $1.0 billion remains under the separate MSTR repurchase programme.
5. Whether the $1.25 billion reserve-funding monetisation capacity is finally touched.

This desk has written a marker against the first of those. A1: Strategy’s 8-K covering 17–23 August discloses no bitcoin purchased. Deadline type: scheduled — the filing itself. It is a genuinely open question, which is the only kind worth writing down.

Bitcoin Magazine, LIVE: Strategy ($MSTR) Investor Q&A feat. Michael Saylor & Phong Le. Embed verified against the YouTube oEmbed endpoint on 24 August 2026.

The steelman

The bearish reading of all this — a bitcoin company that stopped buying bitcoin — is the easy one, and this site has published versions of it before. The case against it is worth stating plainly.

Strategy is not a fund; it is an operating company carrying several series of zero-coupon convertible senior notes — including issues due 2029 and 2030 disclosed in its Q2 10-Q — and four series of perpetual preferred stock whose dividends must be paid in cash every period regardless of where bitcoin trades. A twelve-month liquidity reserve is what a credit committee would demand, and building it out of equity issued at a premium is a cheaper way to fund it than selling the asset. The eight-week pause in buying is, on this reading, not a loss of conviction but the cost of making the preferred stack financeable — and the STRC repurchases, done at a discount to the $100 stated amount, retire senior claims at less than face. MSTR rose 6.10% on Friday.

The counter-argument is the $108.28 million in the table above, plus the observation that the marginal bid this market lost is not theoretical. For most of 2024 and 2025 Strategy was the largest single non-ETF buyer of bitcoin in the world. It has been absent for eight weeks, and bitcoin just had its best week since March 2023 without it.

Background reading: our field guide on how to read a bitcoin treasury company’s weekly 8-K, the earnings companion guide, and our earlier analyses at five weeks and the 17 August filing.