Strategy Sold Bitcoin This Week. Here's Why That's Reassuring.

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

Last week delivered a clear signal from the top of the Bitcoin treasury world — from Strategy’s latest selective sale that pushed its cash reserves to $4 billion, to a major U.S. public pension trimming its MSTR exposure, and a Swedish preferred-share issuer wiping out its only remaining debt. The week was less about aggressive accumulation and more about capital-structure discipline. Here’s what mattered.

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Strategy Sells 1,638 BTC, Lifts Cash to $4 Billion

Strategy sold 1,638 Bitcoin for $104.73 million during the week of July 27–August 2 at an average of $63,957. Roughly half the proceeds funded preferred dividends; the rest went to additional STRC buybacks. Holdings now stand at 842,138 BTC.

The company also raised $290.6 million via its ATM program and completed $81.2 million in total STRC repurchases, lifting the USD Reserve to $4.0 billion. STRC’s dividend rate remains 12.00% for the periods beginning August 16.

A small, opportunistic sale of less than 0.2% of the stack simultaneously covers obligations, reduces future preferred load, and extends the cash runway.

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New York Common Retirement Fund Trims Strategy Stake by 3%

The New York State Common Retirement Fund sold 11,400 shares of Strategy, cutting its position by roughly 3% and leaving it with 319,850 shares valued at approximately $29.8 million.

The $295 billion fund, overseen by Comptroller Thomas P. DiNapoli and serving more than one million beneficiaries, had built the stake as a liquid proxy for Bitcoin exposure. Strategy itself continues to hold 843,775 BTC acquired at an average cost near $75,476.

The modest reduction arrives amid ongoing volatility in MSTR and shows that even long-term institutional holders are actively managing rather than simply accumulating. Other large public pensions in California and Florida still maintain positions, underscoring that the exposure thesis remains intact even as one of the biggest players rebalances.

Swedish Co BTC AB goes debt-free with preferred shares

B Treasury Capital AB fully repaid its only loan of EUR 270,000 (about SEK 3 million) using proceeds from its BTC PREF preferred-share issues.

The company raised more than SEK 19 million across a December 2025 private placement and a June–July rights issue, resulting in 162,425 preferred shares that began trading on Spotlight Stock Market on July 20. CEO Christoffer De Geer noted that the repayment leaves BTC AB debt-free with “a clean and resilient capital structure and full control over our entire bitcoin reserve.”

Holdings remain below 200 BTC — far smaller than peers such as The Smarter Web Company or Capital B — yet the move illustrates how preferred equity is being used by even modest European treasuries to eliminate leverage without diluting ordinary shareholders.

A look at the leaderboard

Coinbase added 819 BTC in Q2 to reach 17,311 BTC. Core Scientific increased its holdings by 301 BTC to 848 BTC. OranjeBTC added 30 BTC and now holds approximately 3,948 BTC. Strive acquired an additional 20 BTC. Smarter Web Company added 11.89 BTC to reach 2,712 BTC. Capital B bought 1 BTC to reach 3,140 BTC. American Bitcoin reported holdings of 8,002 BTC.

Strategy sold 1,638 BTC and now holds 842,138 BTC. Hyperscale Data sold 100 BTC. DigitalX sold 80 BTC and now holds 283 BTC. No other major sellers stood out this week.

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