Saylor's 'Doing Business' Post Stirs Bitcoin Strategy Speculation
Michael Saylor, executive chairman of Strategy Inc. (Nasdaq: MSTR), ignited fresh speculation on August 9 by posting a familiar bitcoin tracker chart on X with the two-word caption: ‘Doing Business.’ The post comes as the company continues to sell off its bitcoin holdings, marking a shift from its previous accumulation strategy.
The chart displayed Strategy’s bitcoin reserve valued at $54.66 billion, with 113 purchase events dating back to August 10, 2020, and an average cost of $75,653 per coin. Notably, the data showed the position was 14.21% underwater, representing an unrealized loss of $9.05 billion. In contrast, Strategy’s own dashboard showed the reserve at $58.89 billion as of 10:06 a.m. ET that same day, reflecting a $372 million increase.
The company has transitioned from being a major bitcoin buyer to a seller, according to recent SEC filings. An August 3 filing revealed that Strategy sold 1,638 BTC for approximately $104.73 million between July 27 and August 2, at an average price of $63,957 per coin. This marks the third selling episode of 2026, following previous sales of 2,225 BTC and 1,363 BTC in July and June, respectively. Three of the four sales were executed below the company’s average purchase price.
Strategy now holds 842,138 BTC, representing 4.01% of all bitcoin that will ever exist. The company has been using proceeds from bitcoin sales to fund preferred-stock dividends, STRC repurchases, and to grow its dollar reserve. The shift has contributed to an $8.22 billion net loss for the second quarter.
Despite the selling pressure, Strategy’s stock closed at $100.01 on August 7, up 3.26%, giving the company a market value of $38.77 billion—still less than the value of its bitcoin holdings. The company carries $6.75 billion in debt and $15.35 billion in preferred stock, with annual interest and dividend obligations of $1.75 billion.
Saylor has pointed to bitcoin-backed credit as a potential future financing opportunity. Market participants now await Strategy’s next SEC filing to see whether the company will continue selling or return to its previous buying strategy.