Strategy CEO Phong Le said the company plans to buy more Bitcoin later this year, even after it sold BTC on four separate occasions since May. Speaking on FOX Business, Le said Strategy has b
Strategy CEO Phong Le said the company plans to buy more Bitcoin later this year, even after it sold BTC on four separate occasions since May. Speaking on FOX Business, Le said Strategy has bought around 175,000 BTC since January while selling about 7,000 BTC. That puts buying at roughly 25 times selling volume.
Le said the sales do not signal a change in direction. He pointed out that Strategy has overtaken all rivals to become the largest institutional Bitcoin holder in the world, up from second place a year ago. "We'll get back to buying more Bitcoin throughout the course of the year," he said.
Strategy has broken its own rule. Since 2020, the company built its identity around a "never sell" pledge on Bitcoin. That changed this year. Between May and early August, Strategy sold Bitcoin four times, the most recent a batch of 1,690 BTC. The company used the proceeds to cover preferred stock dividends, fund share buybacks, and top up its US dollar reserve.
The dollar amounts are small next to the company's total stash. Strategy holds more than 840,000 BTC, worth roughly $53 billion at current prices near $63,000. Selling 7,000 BTC amounts to less than 1% of holdings. But the symbolism matters more than the size. A company that spent years telling investors it would never sell has now sold four times in three months.
Strategy is not a simple Bitcoin holding company. It runs on a complex capital stack that includes common stock, four series of preferred shares, and convertible debt. Preferred shareholders expect regular dividends. Strategy has paid out more than $1 billion in cumulative preferred dividends to date. Meeting those obligations sometimes requires cash on hand rather than more Bitcoin.
The company also built a $3.75 billion US dollar reserve, covering more than two years of dividend and interest payments. Executives frame this reserve as protection against a period where raising fresh capital becomes expensive or unavailable. The recent Bitcoin sales helped fund that buffer alongside a newly announced $1 billion stock repurchase program.
Strategy's whole model depends on a metric called mNAV, short for market Net Asset Value. It measures how the stock trades relative to the value of the Bitcoin the company holds. When mNAV sits above 1, the market values Strategy's shares higher than its Bitcoin alone. That premium let Strategy sell stock, raise cash, and buy more Bitcoin without diluting existing shareholders in a harmful way.
That premium has largely disappeared. Strategy's basic mNAV, which compares market capitalization directly to Bitcoin holdings, fell from around 3.4x in November 2024 to roughly 0.70x by early August 2026. The broader enterprise-value version, which includes debt and preferred stock, sits closer to 1.0x. In plain terms, the stock now trades near or below the value of the Bitcoin it holds.
This matters because issuing new shares below net asset value dilutes existing shareholders instead of benefiting them. Strategy's own capital markets guidance, laid out to investors last year, said the company would consider using debt to buy back MSTR stock rather than issue new shares once mNAV fell below 1.0x. The math that fueled years of aggressive accumulation has flipped against the company for the first time since it started buying Bitcoin in 2020.
Strategy is not alone in facing this pressure. Public companies collectively hold more than 1.26 million BTC, but that figure now trails the combined holdings of Bitcoin ETFs and funds, which sit above 1.6 million BTC. For years, treasury companies benefited from a self-reinforcing cycle: trade at a premium, raise capital cheaply, buy more Bitcoin, and repeat. That cycle weakens once the premium disappears, because new capital raises become dilutive instead of accretive.
Other Bitcoin treasury companies have felt the same squeeze. Weaker Bitcoin prices through mid-2026 pressured balance sheets across the sector, and some smaller treasury firms have pulled back on purchases or shifted strategy entirely. Trump Media, for example, recently said it would revamp its own crypto treasury approach after a quarterly loss tied to digital asset holdings.
Strategy's Q2 2026 results, released in late July, showed the company grew its Bitcoin holdings by 11% during the quarter to roughly 846,000 BTC. It also cut convertible debt by 18% to $6.7 billion and grew its dollar reserve by 12%. The company has raised more than $17 billion through at-the-market stock sale programs this year and issued over $7.5 billion in new preferred stock, a 254% increase from the prior year.
These numbers show a company still expanding its Bitcoin position overall, even while navigating a harder financing environment. Year-to-date Bitcoin growth sits at 25%, and the company reports a BTC yield of 4.5% for 2026 so far, a metric it uses to track Bitcoin gained per share.
Strategy remains the largest corporate Bitcoin holder by a wide margin, and its recent sales are small relative to its full position. Le's comments suggest management sees the sales as a temporary tool for managing obligations, not a reversal of its core Bitcoin accumulation approach.
At the same time, the mNAV collapse is real and changes the mechanics Strategy has relied on since 2020. Buying with a premium-priced stock is harder when that premium is gone. Whether Strategy resumes large-scale accumulation later this year likely depends on Bitcoin's price recovering enough to restore investor appetite for MSTR shares above net asset value.
