On-chain analytics firm Lookonchain flagged another large bitcoin outflow from a wallet it has linked to Strategy, the company formerly known as MicroStrategy, moving 1,019 BTC worth roughly $66.4 million. Lookonchain's tracking shows the same wallet has now sold 7,513 BTC — about $486.9 million — over the past three weeks, continuing a pattern that has been closely watched given Strategy's long-standing “never sell” reputation under executive chairman Michael Saylor.
The on-chain figures don't map exactly onto Strategy's own disclosed transactions, but they track the same broader trend. In its most recent confirmed sale, Strategy reported offloading 1,638 BTC for $104.73 million in the week ending August 3 — its third bitcoin sale of 2026 — leaving the company with 842,138 BTC on its balance sheet.
Treasury Management, Not a Change of Conviction
Strategy's own framing of the sales has been consistent: this is treasury management rather than a retreat from its bitcoin thesis. The company has pointed to its 12% annual dividend obligation on STRC preferred shares and the need to maintain adequate liquidity buffers as the driver behind the periodic sales, even as it continues tracking bitcoin's 200-week moving average as a signal of long-term value. Saylor himself is reported to view the current price as close to a long-term bottom rather than a reason to reduce exposure.
Related: Bitcoin ETFs Post Best Week Since April on $853M Inflow
A Costly Position, Even If a Convicted One
The sales come as Strategy's bitcoin position sits well underwater on a cost basis. The company's average acquisition price across its holdings is roughly $75,419 per coin against a total investment of $63.51 billion, leaving it with an aggregate unrealized loss of around $10.4 billion at current prices. That gap helps explain why incremental sales, even relatively small ones measured against an 842,138 BTC treasury, have drawn outsized attention from on-chain watchers parsing every wallet movement for signs of a bigger shift.
Whether this specific wallet represents a fourth disclosed sale or simply reflects internal reshuffling will likely become clearer once Strategy's next regulatory filing is made public — until then, Lookonchain's on-chain tracking remains the only real-time window into what the wallet is doing.
