Strategy, the largest corporate holder of Bitcoin, sold 1,638 coins for $104.7 million and repurchased 912,143 shares of preferred stock STRC for $81.2 million, CEO Phong Le disclosed Monday on CNBC.
The moves come as Strategy’s stock has declined 40% year-to-date and 80% from its November 2024 record high of $474. The company posted an $8.22 billion loss in Q2 2026 and has not purchased Bitcoin in six weeks.
Strategy holds 842,138 Bitcoin, valued at $53.8 billion. Le said the company actively manages its capital structure in response to market cycles.
Capital Management in Downturn
“I think Bitcoin is going through a bear cycle right now, and some of that is external macroeconomic,” Le said. “We, as a company, went through this in 2022. We actively manage our capital structure, we rotate into Bitcoin, we sell Bitcoin when we need to, and we’ll continue to do so, and we’ll get through this bear market.”
Strategy began accumulating Bitcoin in August 2020 to hedge against inflation and generate shareholder returns. The company’s business model allows investors to gain leveraged exposure to Bitcoin through equity shares rather than direct coin ownership.
Scale and Shareholder Value
Le framed the Bitcoin sales as immaterial relative to Strategy’s total holdings. “We’re the J.P. Morgan of the crypto economy, so whether we sell 1,000 Bitcoin out of 840,000 to me is irrelevant to the conversation,” Le said. “The conversation is what is our role in Bitcoin, and are we adding Bitcoin per share overall to our shareholders, and are we creating value? I think that’s an unequivocal yes.”
The preferred stock repurchase follows a period of sustained equity pressure. Strategy’s stock peaked at nearly $474 in November 2024 before declining sharply through 2026. The company has adjusted its capital deployment strategy as macroeconomic headwinds persist.
Le’s comments signal that Strategy intends to continue rotating between Bitcoin sales and repurchases as market conditions warrant, treating both as levers in a broader capital management framework rather than directional bets on Bitcoin price.
