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Strategy Paid Over $100 Million Extra to Buy Back the Bitcoin It Sold

Sep 23, 2026 08:46 Written by Newisty Editorial Team bitcoin strategy michael-saylor crypto btc

Strategy's costly roundtrip trade
Strategy has spent roughly $100 million more than necessary to rebuild the bitcoin it sold earlier this year. The company sold 6,948 BTC between May and August at an average price of $62,150 per coin, then repurchased 5,553 of those coins at an average of $80,207 — a 29% higher price. The roundtrip cost the company a $100.2 million investment gain.
To replace the 5,553 coins it sold, Strategy spent $445.4 million, compared to the $345.1 million it received from the original sales.

Key numbers

6,948 BTC sold between May and August at an average of $62,150 each
5,553 BTC repurchased at an average of $80,207 each
$445.4 million spent to reacquire coins sold for $345.1 million
$100.2 million in foregone gains from the roundtrip
Every repurchased coin cost roughly $18,000 more than its average sale price

Why the company sold its bitcoin

The stated reason for the sales was not a cash shortage. On a May 5 call with analysts, founder Michael Saylor said the company would sell BTC "just to inoculate the market" and generate news coverage. He told Fortune that "the skeptics and the short-sellers don't recognize that we're just selling a BTC derivative, and we have the option to sell the BTC."

Official SEC filings stated that the proceeds funded dividends, even though the company held enough cash to cover those dividends without selling any bitcoin.

The repurchase timeline

Strategy's first buyback of the year came during the week ending August 30, when it purchased 4,603 coins at $80,318 each for $369.7 million. That purchase, funded with newly issued stock, diluted existing shareholders.

Most recently, the company repurchased another 950 BTC at $79,670 apiece, this time using cash rather than stock dilution.

What remains incomplete

The buyback has not fully recovered what was sold. Strategy has reacquired 5,553 of the 6,948 coins it sold, leaving 1,363 coins unrecovered. The company now holds 846,000 BTC, down from 847,363 as of June 21. At current prices, replacing the missing 1,363 coins would require roughly another $100 million.

Management stays unapologetic

Neither Saylor nor CEO Phong Le have expressed regret about the trades. Le described the sales as part of the "Digital Credit Capital Framework at work" and told Bloomberg it was "the right trade at the time to sell BTC." He added that it is "a two-way strategy" and that "there will be times when it makes sense to sell bitcoin."

Sources

Protos

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Newisty Editorial Team

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Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.