Strategy Sells Bitcoin for First Time in Three Years
Strategy Inc sold 1,030 BTC worth approximately $105 million, its first Bitcoin sale in nearly three years, coming days after a Q2 EPS miss of negative 895.2%. The sale coincides with the company's NA
Strategy Sells Bitcoin for First Time in Three Years
NEW YORK, August 5 —
Strategy Inc (MSTR) sold approximately $105 million of Bitcoin, its first sale in nearly three years, days after reporting a Q2 earnings miss that sent shares lower. The company, which rebranded around perpetual Bitcoin accumulation, sold just as its NAV premium nearly disappeared.
- Q2 EPS actual -$24.45 vs. estimate $3.07, a -895.2% miss; Strategy's fourth consecutive shortfall
- $6.77B total debt against $2.45B cash; stock reportedly trading at or near a discount to book value
- Insiders net-sold 17-to-1 over 90 days; CEO Phong Le sold at $119.53, roughly $22 above current price
A Treasury Company That Sold Its Treasury
Strategy Inc formerly operated as MicroStrategy, an enterprise software maker offering Strategy One, an AI analytics platform, and Strategy Mosaic, a data governance layer. In August 2025, it rebranded around a single thesis: hold Bitcoin as a treasury asset and give investors equity and fixed income exposure to that position. The NAV premium that rebranding commanded (the gap between MSTR's market value and the book value of its Bitcoin) has now nearly vanished, with reports of the stock trading at a discount to book. Then came the $105 million Bitcoin sale, the first in nearly three years, confirmed when a linked wallet moved 1,030 BTC.
The Operating Business Offers No Cushion
The operating business underneath the Bitcoin strategy offers little support. Strategy reported $500 million in trailing revenue, up 6.9% year over year with a 67.6% gross margin, but EPS has missed analyst estimates in each of the last four quarters, culminating in a -895.2% surprise in Q2 when actual EPS hit -$24.45 against a $3.07 estimate. The company carries $6.77 billion in total debt against $2.45 billion in cash, and a DCF calculator run on the software segment alone shows little equity value without material Bitcoin appreciation. Michael Saylor identified five headwinds to Bitcoin post-Q2, including "$1 trillion AI capital suction" competing for investment dollars.
| Ticker | Mkt cap | Fwd P/E | 52-wk |
|---|---|---|---|
| MSTR | $37.5B | 21.9x | -75.3% |
| COIN | $39.8B | 47.6x | -51.7% |
| SMCI | $20.5B | 9.6x | -38.8% |
| MARA | $4.5B | n/a | -26.1% |
| HOOD | $84.1B | 29.4x | -14.5% |
| RIOT | $8.2B | n/a | +83.7% |
What the Insiders Know
Over the trailing 90 days, Strategy insiders purchased $1.01 million and sold $17.06 million, a 17-to-1 net selling ratio. CEO Phong Le made the largest single transaction: a June 5 sale of 15,954 shares at $119.53 (roughly $22 above the current $97.65), totaling $1.95 million. Le then bought 11,000 shares at $90.80 on June 22, softening but not reversing the signal. Restoring the NAV premium requires Bitcoin appreciation that outpaces the current discount to book. Short interest at 11.8% and a $257.50 analyst consensus leave a squeeze scenario open, but the burden of proof lies with bulls. Run the free Strategy Inc deep-dive → Strategy Inc's latest numbers.
Basis Report is independent research for informational purposes. It is not investment advice and not a recommendation to buy or sell any security.
Frequently Asked Questions
Why did Strategy sell Bitcoin?
The article does not report a stated corporate reason. The sale occurred days after Strategy reported a Q2 EPS miss of negative 895.2% and at a moment when the company's NAV premium, the gap between its market value and the book value of its Bitcoin, had nearly vanished. The sale totaled approximately $105 million, confirmed when a linked wallet moved 1,030 BTC.
What were MSTR Q2 2026 earnings results?
Strategy reported Q2 EPS of negative $24.45 against an analyst estimate of $3.07, a negative 895.2% miss. This was the company's fourth consecutive quarter of missing analyst estimates. Trailing revenue stood at $500 million, growing 6.9% year over year with a 67.6% gross margin.
How much debt does Strategy Inc carry?
Strategy carries $6.77 billion in total debt against $2.45 billion in cash. The operating business, which includes the Strategy One AI analytics platform and the Strategy Mosaic data governance layer, reported $500 million in trailing revenue. A DCF analysis of the software segment alone returns little equity value without material Bitcoin appreciation.
Are Strategy insiders selling shares?
Over the trailing 90 days, insiders purchased $1.01 million while selling $17.06 million in shares, a 17-to-1 net selling ratio. CEO Phong Le made the largest single transaction, selling 15,954 shares at $119.53 on June 5, roughly $22 above the stock price at time of reporting. Le subsequently bought 11,000 shares at $90.80 on June 22, softening but not reversing the signal.
Is MSTR trading at a discount to book value?
The article reports the stock is trading at or near a discount to book value, meaning the NAV premium has nearly vanished. Rebuilding that premium requires Bitcoin appreciation that outpaces the current discount. Short interest stands at 11.8% and the analyst consensus price target is $257.50.
Strategy Inc sold approximately $105 million worth of Bitcoin — its first Bitcoin sale in nearly three years — just days after reporting a Q2 earnings miss that sent shares lower. The move challenges the foundational premise investors have priced into MSTR: that the company accumulates Bitcoin indefinitely and never sells.