Michael Saylor Posts 'Doing Business' Teaser After Strategy Sells Bitcoin at Loss, Sparking Speculation on Future Purchases

Strategy Inc. executive chairman Michael Saylor sparked market speculation with a cryptic "Doing Business" post on August 9, 2026, amid a major shift in the company's treasury strategy. Facing a $9 billion unrealized paper loss on its 842,138 BTC portfolio and an $8.33 billion Q2 operating loss, the firm has transitioned to a "Digital Credit Framework." Strategy has sold 5,258 BTC for $323 million in 2026, largely at a loss, to fund dividends and buybacks for its STRC preferred stock.

Strategy Bitcoin sales at loss

• ▪Strategy Inc. executed three other bitcoin sales in 2026, offloading 32 BTC on June 1, 1,363 BTC on June 30, and 2,225 BTC on July 6.
• ▪Strategy Inc. sold 1,638 BTC for approximately $104.73 million between July 27 and August 2, 2026, at an average price of $63,957 per coin.
• ▪Strategy Inc. has sold a total of 5,258 BTC for approximately $323 million during 2026, with three of the four sales executed below the company's average purchase price.

Saylor 'Doing Business' post speculation

• ▪Strategy Inc. holds 842,138 BTC acquired for $63.51 billion at an average cost of $75,419 per coin, representing approximately 4.01% of the total bitcoin supply.
• ▪The blockchain analytics firm Lookonchain identified an on-chain transfer of 1,030 BTC from wallets associated with Strategy Inc. on August 5, 2026, though no official filing has confirmed a sale.
• ▪Strategy Inc. executive chairman Michael Saylor posted a bitcoin tracker chart on X on August 9, 2026, with the caption "Doing Business," sparking speculation about the company's next bitcoin transaction.
• ▪Strategy Inc.'s bitcoin portfolio faced an unrealized paper loss of approximately 14.21%, or over $9 billion, as of August 9, 2026.

Strategy treasury strategy shift

• ▪Strategy Inc. reported an operating loss of $8.33 billion for the second quarter of 2026, driven by an $8.32 billion unrealized mark-to-market loss on its digital assets.
• ▪Strategy Inc. built its cash reserves to $4 billion by August 2026, raising $290.6 million during its latest reporting period through the sale of 3.01 million MSTR shares.
• ▪Michael Saylor rebranded Strategy Inc.'s corporate model from a "bitcoin treasury company" to a "Digital Credit Framework" to support debt and preferred-stock obligations using bitcoin as collateral.

STRC preferred stock target

• ▪Strategy Inc. purchased 912,143 STRC preferred shares for $81.2 million during the week preceding August 3, 2026, leaving $893.8 million available under its repurchase authorization.
• ▪Strategy Inc. used $52.4 million of its late July and early August 2026 bitcoin sale proceeds to fund STRC preferred stock dividends and $52.3 million to finance repurchases of STRC preferred shares.
• ▪Strategy Inc. CEO Phong Le stated that the company's objective is for STRC preferred shares to trade near their $100 par value, intending to repurchase shares while they remain below $100.

Community reaction to AI video

• ▪Michael Saylor posted an AI-generated Q2 earnings call video featuring dancing executives, drawing criticism from bitcoin community members frustrated by Strategy Inc.'s bitcoin sales.
• ▪Michael Saylor clarified on August 3, 2026, that his personal "Never Sell Your BTC" advice applies to individual savers, stating he has never sold personal bitcoin and that Strategy Inc. is a public company.