Strategy, the company led by Michael Saylor, has sold another 1,638 bitcoin as it continues to reshape its financial strategy while remaining the world's largest corporate holder of the digital asset.

According to a filing with the US Securities and Exchange Commission (SEC), Strategy sold the bitcoin between July 27 and August 2 for about $104.7 million. The company received an average price of $63,957 per bitcoin.

The latest sale reduced Strategy's bitcoin holdings to 842,138 BTC. Even after the transaction, the company still owns one of the largest bitcoin treasuries in the world.

Those holdings were acquired for a total cost of about $63.5 billion, with an average purchase price of roughly $75,419 per bitcoin.

The sale marks Strategy's third bitcoin sale of 2026 and reflects a noticeable change from its long-standing strategy of almost exclusively buying and holding bitcoin. However, the company has emphasized that the sales are part of a broader capital management plan rather than a shift away from Bitcoin.

The company used the proceeds from the bitcoin sale for two main purposes. About $52.4 million funded dividend payments on its STRC preferred stock, while another $52.3 million was used to repurchase STRC shares.

Strategy repurchased 912,143 STRC shares for approximately $81.2 million during the reporting period. Part of that buyback was funded with money raised through the bitcoin sale, while additional funding came from common stock sales.

At the same time, Strategy raised another $290.6 million by selling more than 3 million shares of its Class A common stock. Of that amount, $250 million was added to the company's US dollar reserve, increasing it to $4 billion. Another $28.9 million was used for additional STRC repurchases, while the remaining $11.7 million was added to the company's cash balance.

Michael Saylor highlighted the latest moves in a post on X, saying the company had repurchased "$81M of $STRC" and extended its US dollar reserve by 57 days to about 2.3 years.

Strategy has repeatedly said that its growing cash reserve is intended to cover preferred stock dividends and interest payments on outstanding debt. The company also maintained the annual dividend rate on STRC at 12%.

The latest actions are part of a capital framework introduced earlier this year that allows the company to sell bitcoin to fund dividends, strengthen its cash reserve and repurchase securities. Under that framework, Strategy has authorization to sell up to $1.25 billion worth of bitcoin for these purposes.

Despite the recent sales, Strategy remains heavily committed to Bitcoin. The company has not purchased additional bitcoin since June, but its sales represent only a very small portion of its total holdings.

Year to date, Strategy has bought nearly 175,000 bitcoin while selling only about 3,620. Even after the recent transactions, its holdings remain roughly 25% higher than at the beginning of the year.

The company's second-quarter financial results, released last week, show why management has been placing greater emphasis on liquidity.

Strategy reported an operating loss of $8.33 billion for the second quarter of 2026, largely because of an unrealized loss of $8.32 billion on its digital assets as bitcoin prices declined.

President and Chief Executive Officer Phong Le said the company had strengthened its balance sheet despite the difficult market conditions. "In the second quarter of 2026, Strategy strengthened its balance sheet while navigating a meaningful bitcoin price decline," Le said.

He noted that the company increased its bitcoin holdings during the quarter, reduced convertible debt and expanded its US dollar reserve.

Chief Financial Officer Andrew Kang also pointed to the importance of the company's cash position.

"Strategy's USD Reserve currently stands at $3.75 billion, which is enough to cover our existing preferred dividend payments and interest obligations for more than 2.1 years," Kang said when the quarterly results were announced.

Michael Saylor said the company remains focused on strengthening its Digital Credit strategy and restoring STRC to healthy trading levels.

"Our plan is to return STRC to health with stable demand, high liquidity, and low volatility trading near par," Saylor said.

The recent bitcoin sale has drawn attention because Strategy built its reputation on aggressively accumulating the digital asset. Earlier this year, CryptoQuant CEO Ki Young Ju argued that the company should temporarily pause bitcoin purchases and rebuild its cash reserves.

"They should pause Bitcoin purchases, rebuild cash reserves, and adopt a systematic framework for purchase timing," Ju wrote in a post on X.

Now it seems that Strategy has largely followed that approach by focusing on liquidity, dividend obligations and share repurchases while still maintaining its position as the largest institutional bitcoin holder.