Saylor Keeps Selling Bitcoin. Here's the Pattern.

Welcome to the Bitcoin Balance Sheet. Each Monday, we recap last week's key developments and share our publication's leading stories.

Last week was defined by capital management over pure accumulation — from Strategy selling a modest slice of its stack to fund preferred buybacks and swell cash reserves to $4.65 billion, to SpaceX confirming it held every one of its 18,712 Bitcoin through Q2, and Jack Dorsey’s Block quietly adding another 85 BTC. Strive kept buying too. Here's what mattered.

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Strategy Sells 1,690 Bitcoin to Fund STRC Buybacks

Strategy sold 1,690 Bitcoin for $108.6 million during the week of August 3–9, averaging $64,262 per coin. Every dollar of net proceeds went straight into repurchasing 1,152,020 shares of its Variable Rate Series A Perpetual Stretch Preferred Stock (STRC). Holdings now stand at 840,447 BTC with a $63.36 billion cost basis.

The sale arrived alongside continued ATM issuance of MSTR common stock that added $650 million to the USD Reserve, lifting total cash to $4.65 billion. Remaining authorization under the preferred repurchase program sits at $785 million, with another $1 billion still available for common-stock buybacks.

This is active balance-sheet management, not a change in thesis. By trimming at the margin and shrinking the preferred share count, Strategy is widening the cushion that keeps STRC dividends sustainable even through severe Bitcoin drawdowns — while preserving the option to resume aggressive accumulation when conditions improve.

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SpaceX confirms it held all 18,712 Bitcoin through Q2

SpaceX’s first quarterly report as a public company confirmed it held all 18,712 bitcoin through June 30. The filing listed digital assets of $1.098 billion — a mark-to-market decline from year-end, not a sale. Dividing that figure by 18,712 produces an implied price that matches Bitcoin’s close that day almost exactly.

The original cost basis sits near $661 million, or roughly $35,300 per coin. Combined with Tesla’s 11,509 BTC, the two Musk-controlled companies still control more than 30,000 Bitcoin.

Post-IPO transparency has not altered the HODL stance. SpaceX remains the eighth-largest public holder, and the filing leaves little ambiguity about the composition of those “digital assets.”

Jack Dorsey’s Block increases holdings to 9,117 BTC

Block disclosed that its long-term Bitcoin treasury reached 9,117 BTC as of June 30, up from 8,883 at the end of 2025. The company purchased 234 BTC across the first half — 149 in Q1 and 85 in Q2 — with no sales.

The investment position carried a fair value of $533.9 million against a $310.2 million cost basis. Separate operating holdings of 299 BTC support Cash App customer activity and remain classified as current assets.

Block continues the same dual approach it has followed for years: accumulating Bitcoin as a treasury reserve while embedding the asset directly into consumer products. The latest add keeps it firmly inside the Bitcoin 100 at rank 15.

A look at the leaderboard

Strategy’s 1,690 BTC sale dropped its holdings to 840,447 while it retained the top spot by a wide margin. Strive’s 147 BTC addition pushed it to 20,167 BTC and a clear seventh place, just ahead of SpaceX’s unchanged 18,712. Block moved to 9,117 BTC and rank 15. Cipher Digital sold 470 BTC to fund AI data-center development and fell to 646 BTC at rank 58. The top of the table stayed largely stable; the real movement was in the disciplined middle.

Special thanks to our partners:

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