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There are two ways to run a religion. Hold the line on doctrine and go broke, or quietly break your own commandment and live to preach another Sunday. Michael Saylor has picked door number 2, and the congregation, after a few weeks of shrieking, has mostly forgiven him. The uncomfortable thing for the Bitcoin faithful now is that he was probably right to do it.
Strategy Inc. reported Q2 2026 earnings last week, and the company that everyone had spent June and July writing obituaries for is still standing. Cash reserves came in at $5.7 billion, the gross dollar value of Strategy's Treasury Reserve, with net reserves of $3.57 billion after senior claims and financial obligations. Both were up.
Getting there required Saylor to do the one thing he swore he never would. STRC, the company's high-yield fixed-income instrument, broke its $100 peg and sank to $70, and Strategy started selling Bitcoin to cover dividend costs.
The most recent batch went out between July 27 and August 2: 1,638 BTC for roughly $104.7 million at an average price of $63,957, plus another $290.6 million raised through common stock sales, per CoinDesk. Strategy's own X post on August 3 framed this as a $250 million boost to its USD Reserve and an $81 million buyback of STRC (912,143 shares), noting it had "increased USD Duration by 57 days to 2.3 years and tightened STRC's BTC Credit by 5 bps." What the post skipped: against a cost basis of $75,419 per BTC, that sale booked a loss of about $20 million.
#reserve
There are two ways to run a religion. Hold the line on doctrine and go broke, or quietly break your own commandment and live to preach another Sunday. Michael Saylor has picked door number 2, and the congregation, after a few weeks of shrieking, has mostly forgiven him. The uncomfortable thing for the Bitcoin faithful now is that he was probably right to do it.
Strategy Inc. reported Q2 2026 earnings last week, and the company that everyone had spent June and July writing obituaries for is still standing. Cash reserves came in at $5.7 billion, the gross dollar value of Strategy's Treasury Reserve, with net reserves of $3.57 billion after senior claims and financial obligations. Both were up.
Getting there required Saylor to do the one thing he swore he never would. STRC, the company's high-yield fixed-income instrument, broke its $100 peg and sank to $70, and Strategy started selling Bitcoin to cover dividend costs.
The most recent batch went out between July 27 and August 2: 1,638 BTC for roughly $104.7 million at an average price of $63,957, plus another $290.6 million raised through common stock sales, per CoinDesk. Strategy's own X post on August 3 framed this as a $250 million boost to its USD Reserve and an $81 million buyback of STRC (912,143 shares), noting it had "increased USD Duration by 57 days to 2.3 years and tightened STRC's BTC Credit by 5 bps." What the post skipped: against a cost basis of $75,419 per BTC, that sale booked a loss of about $20 million.
#reserve
2 days ago
