Michael Saylor, Executive Chairman of Strategy Inc. (Nasdaq: MSTR), sparked a new wave of speculation about the company's next move regarding Bitcoin after posting his customary Bitcoin tracking chart on X on August 9th. Above the chart, Saylor added just two words: "Doing Business." This cryptic message immediately drew attention, as similar chart posts have often preceded Strategy's weekly reports on its massive Bitcoin holdings.
The Chart Is Already Outdated
Saylor's screenshot showed reserves worth $54.66 billion, 113 purchase operations starting August 10, 2020, and an average cost of $75,653 per coin. Red text indicated the position was down 14.21%, corresponding to an unrealized loss of $9,050,924,050.
Within the next hour, the data on Strategy's own dashboard had changed little. As of 10:06 AM Eastern Time, the aggregate reserve was $58.89 billion, up $372 million for the day; this figure includes $4 billion alongside the coins. Bitcoin alone accounted for approximately $54.9 billion, equating to a price of about $65,180 per coin; thus, the position remained roughly $8.6 billion below cost, sustaining the lively debate about Bitcoin as a store of value.
According to reporting, the cost per coin is $75,419, or about $63.51 billion including fees. Strategy positions itself as a Bitcoin treasury company and has adopted Bitcoin as its primary reserve asset, while maintaining a multi-billion dollar reserve in US dollars. Its holdings constitute 4.01% of all Bitcoin that will ever exist.
The Buyer Turned Seller
Strategy's public ledger is the most vivid evidence of this shift and lists 117 entries. A report filed with the U.S. Securities and Exchange Commission (SEC) on August 3rd indicated the sale of 1,638 $BTC for approximately $104.73 million between July 27th and August 2nd at an average price of $63,957 per coin.
The same table lists three more sell transactions. The company reported selling 2,225 coins on July 6th at $60,773 each, another 1,363 on June 30th at $59,256, and 32 $BTC on June 1st at $77,135. Three of the four sales were executed below the company's average purchase price.
Capital is directed towards paying dividends on preferred shares, repurchasing STRC shares, and replenishing the growing dollar reserve. The August 3rd report marked the third sell operation in 2026, with the June 30th and July 6th entries covering one transaction that spanned two reporting weeks. The company repurchased 912,143 STRC shares for $81.2 million.
Underpinning all of this is a Q2 net loss of $8.22 billion. The company's own performance has also declined with the price: the return on $BTC, the company's used metric for Bitcoin growth per share, is 3.5% for the year and minus 4.6% for the current quarter.
What Happens Next Week
On August 7th, shares closed at $100.01, up $3.16, or 3.26%, with a market capitalization of $38.77 billion—less than the value of Bitcoins reflected on the balance sheet. Over the last 12 months, shares have depreciated by 75%, far from the stated goal of becoming the world's largest public company.
Shareholders are also responsible for $6.75 billion in debt and $15.35 billion in preferred shares, resulting in a net reserve of $36.79 billion and annual interest and dividend payments of $1.75 billion. Saylor has pointed to Bitcoin-backed loans as the next financial opportunity, valued in the billions—a way to earn on existing holdings rather than deplete them. Strategy's next report may show whether "Doing Business" means another sale of Bitcoin, a return to purchases, or a different step in capital management.
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