MicroStrategy sold 1,638 Bitcoin in the week ending August 2, 2026, at an average price of $63,957 per coin — a loss of about $11,500 per coin compared to its average cost of $75,419. The sale was used to pay dividends on preferred shares, which cost $400.7 million in Q2 2026, up sharply from $49.1 million a year earlier. Despite the sale, the company's Bitcoin holdings stand at 842,138 BTC, down 1,600 from May.
Why MicroStrategy sold now
The preferred share dividend bill has ballooned. In Q2 2026, MicroStrategy paid $400.7 million in dividends on its preferred shares, up from $49.1 million in the same quarter last year. To cover that, the company sold Bitcoin. It also sold 3,011,361 ordinary shares, raising $290.6 million. Half the Bitcoin sale proceeds went to buy back 912,143 STRC shares at $89.02 each — an 11% discount on the $100 par value. The rest went to increase the company's USD Reserve by $250 million and repurchase $81 million of STRC, which extended USD Duration by 57 days to 2.3 years and tightened STRC's BTC Credit by 5 basis points.
The numbers behind the trade
MicroStrategy added just 37 Bitcoin between May 26 and July 26, then unloaded 1,638 in the final week of July. The sale price of $63,957 sits well below the company's average cost basis of $75,419, meaning the trade locked in a loss of roughly $11,500 per coin. That's a total loss of about $18.8 million on the sale. The company's total Bitcoin holdings now sit at 842,138 BTC, a net decrease of 1,600 coins compared to May 2026. Bitcoin was trading near $62,468 at the time of publication, roughly half its October record.
Saylor's stance on selling
Michael Saylor addressed the sale on August 1, 2026, saying MicroStrategy has never had a 'never sell' policy. He said the company expects to remain a net buyer of Bitcoin over time. The statement came as some investors questioned the strategy of selling at a loss. Saylor didn't specify when the next purchase might come, but the company's cash position got a boost from the share sales and the Bitcoin liquidation.
MicroStrategy still holds more than 842,000 Bitcoin, making it the largest corporate holder by far. But the net decrease of 1,600 coins since May shows the company is willing to trim its position when cash needs arise. The dividend costs aren't going away — preferred shares carry ongoing obligations. The company's next quarterly report will show whether those costs continue to pressure the balance sheet, and whether MicroStrategy will need to sell more Bitcoin or raise capital through other means.
