Strategy CEO Says Bitcoin Accumulation Will Restart Later in 2026 After Four Sales Since May

Strategy CEO Phong Le said the bitcoin-treasury firm plans to resume net bitcoin purchases later this year, arguing that recent sales reflect balance-sheet management rather than a shift away from accumulation. Le said Strategy has bought roughly 175,000 BTC in 2026 while selling about 7,000 BTC, a buy-to-sell ratio of around 25-to-1. The sales have drawn attention because they depart from the company's long-running "never sell" image closely associated with chairman Michael Saylor. Strategy has sold bitcoin four times since May. The most recent disposal occurred between Aug. 3 and Aug. 9, when the company sold 1,690 BTC at an average price of $64,262, generating about $108.6 million. Strategy now holds 840,447 BTC, acquired for a total cost of about $63.36 billion at an average purchase price of $75,385 per coin, implying the latest sales were executed below its cost basis. Investors are also focused on Strategy's mNAV (multiple of net asset value), a measure comparing the firm's market capitalization with the value of its bitcoin holdings. The premium peaked near 3.4x in November 2024. By Aug. 3, Strategy's basic mNAV had slid to about 0.68x, indicating the market was valuing the company below the implied value of its bitcoin treasury. Le said proceeds from the sales have been directed toward preferred stock dividends, repurchases of its STRC preferred shares, and building a U.S. dollar reserve. Saylor, questioned on the apparent reversal, said he never promised the company would never sell, framing the phrase as personal guidance for individual holders rather than a corporate commitment. The company's Q2 2026 results added to scrutiny. Strategy reported an $8.6 billion net loss, driven largely by an $8.3 billion noncash mark-to-market loss on its bitcoin position as BTC fell toward $58,700 by quarter-end. Strategy's U.S. dollar reserve has become a key indicator of its capital-management push. The reserve rose to a record $4.65 billion in August 2026, up from $871 million in late May, more than fivefold growth in roughly ten weeks. Funding came from a mix of equity issuance and bitcoin sales, including $653.1 million raised through an at-the-market MSTR share program, plus the $108.6 million from the 1,690 BTC sale. The shift toward more flexible treasury management is not limited to Strategy. Bitcoin miner MARA sold 23,093 BTC for about $1.6 billion in the first half of 2026, citing a move away from pure accumulation. Looking ahead, Le said Strategy intends to return to net accumulation once current capital actions taper off. Traders are watching whether mNAV rebounds as buying resumes, since a prolonged discount below 1x could keep the company focused on buybacks and reserve-building rather than adding bitcoin.