Strategy CEO Phong Le says the bitcoin treasury company will resume accumulating bitcoin later this year, even after selling four times since May. Le noted Strategy has still bought about 175,000 BTC in 2026 against roughly 7,000 sold, a 25-to-1 buy-to-sell ratio.
Key Takeaways
Strategy has bought 175,000 BTC in 2026 while selling just 7,000, a 25-to-1 ratio, Phong Le says.Strategy’s USD reserve hit a record $4.65 billion in August 2026 after growing over 5X in ten weeks.Traders now watch whether Strategy’s mNAV recovers as buying resumes.Strategy now holds 840,447 BTC, acquired for a total cost near $63.36 billion at an average purchase price of $75,385 per coin, meaning the latest sales were executed below the company’s own cost basis.
Why the Market Is Watching CloselyStrategy’s stock has historically traded at a premium to the bitcoin it holds, a gap tracked through its mNAV, or multiple of net asset value, which compares the company’s market capitalization to the value of its bitcoin treasury. That premium peaked near 3.4x in November 2024. By Aug. 3, Strategy’s basic mNAV had fallen to roughly 0.68x, meaning the market was pricing the company below the value of its own bitcoin holdings.
Le’s comments posture the sales not as a loss of conviction but as short-term balance-sheet management where proceeds have gone toward preferred stock dividends, buybacks of its STRC preferred shares, and building up a U.S. dollar reserve (rather than being spent outside the bitcoin strategy entirely).
Looking ahead, Le’s comments signal the company intends to return to net accumulation once its current capital-management push winds down. The mNAV discount adds a second variable since a sustained trade below 1x could pressure Strategy to keep prioritizing buybacks and reserve-building over new bitcoin purchases, since repurchasing undervalued MSTR shares can be more accretive to shareholders than adding bitcoin at a premium.
