Strategy raises $2 billion through MSTR sales, skips Bitcoin purchases

Strategy has raised about $2 billion through common stock sales while leaving its Bitcoin holdings unchanged at 840,447 BTC and increasing its total cash position to $6.69 billion.

A Monday filing with the U.S. Securities and Exchange Commission showed the Bitcoin treasury company sold about 18.26 million MSTR shares between Aug. 17 and Aug. 23 through its at-the-market offering program.

Most of the proceeds were kept in cash after Strategy used $136.4 million to repurchase roughly 1.43 million shares of its STRC perpetual preferred stock. Another $300 million was transferred to the company’s existing U.S. dollar reserve, while about $1.59 billion went into a newly established U.S. dollar cash account.

The transactions left Strategy with $5.1 billion in its U.S. dollar reserve and $1.59 billion in the new cash pool as of Aug. 23, taking the combined balance across both accounts to $6.69 billion.

Strategy puts fresh MSTR proceeds into cash

Strategy said the new cash account gives management additional flexibility when deciding how to deploy capital under different market conditions.

Money held in the account can be used for Bitcoin purchases, preferred stock dividends, debt payments and repurchases of the company’s securities, according to the filing. The company did not commit the balance to any single purpose or provide a timetable for deploying it.

The latest increase extends a cash-building program that has accelerated since June. Crypto.news reported in July that Strategy had increased its dollar reserve to $3.75 billion by July 26 after adding $525 million during the week.

At the time, Strategy raised $544.5 million by selling about 5.43 million MSTR shares and used $25 million to repurchase STRC preferred stock. Its Bitcoin holdings remained unchanged during the period.

Another weekly filing covering Aug. 10 through Aug. 16 showed Strategy raising $333.7 million from roughly 3.46 million MSTR shares. Of those proceeds, $149.1 million was added to the dollar reserve, while $132.2 million funded STRC repurchases and $52.4 million went toward STRC dividends.

The dollar reserve stood at approximately $4.8 billion after those transactions, before the latest $300 million addition pushed it to $5.1 billion.

Strategy keeps its 840,447 Bitcoin unchanged

Despite raising about $2 billion last week, Strategy reported no Bitcoin purchases or sales between Aug. 17 and Aug. 23.

Its treasury therefore remains at 840,447 BTC, acquired for an aggregate $63.36 billion at an average price of $75,385 per Bitcoin, including fees and expenses.

Strategy arrived at its current Bitcoin balance after selling part of its holdings earlier this summer. The company held 847,363 BTC in late June before adopting a capital framework that gave management more options to use Bitcoin and cash for obligations linked to its securities.

Under that framework, the board authorized a BTC Monetization Program allowing up to $1.25 billion of Bitcoin sales to help fund the U.S. dollar reserve. The capital framework included separate $1 billion repurchase authorizations for common stock and preferred securities, alongside provisions covering dividend and interest payments.

Strategy then sold 3,588 BTC between June 29 and July 5 for about $216 million. The company said the proceeds were used for distributions on its Digital Credit securities and to replenish cash previously taken from its reserve.

The 3,588 BTC sale reduced Strategy’s holdings to 843,775 BTC and lifted its dollar reserve to $2.55 billion at the time.

Additional Bitcoin sales in August reduced the balance again. Between Aug. 3 and Aug. 9, Strategy sold 1,690 BTC for about $108.6 million and directed those proceeds toward repurchasing approximately 1.15 million STRC preferred shares.

Following that transaction, the company reported 840,447 BTC, the same balance it has maintained through the two subsequent weekly reporting periods.

STRC repurchases remain part of capital management

Preferred stock has become another major use of Strategy’s recently raised capital.

STRC, also known as Stretch, is a perpetual preferred security designed around a $100 reference value and a variable dividend rate. Strategy has used dividend adjustments, cash reserves and share repurchases as part of its efforts to manage the security.

During the week ended Aug. 23, the company spent another $136.4 million buying back approximately 1.43 million STRC shares.

The repurchase came after Strategy had already spent $132.2 million on about 1.39 million STRC shares during the previous week and $108.6 million on approximately 1.15 million shares during the week ended Aug. 9.

Earlier in July, Strategy CEO Phong Le tied future Bitcoin accumulation partly to conditions in STRC. As previously covered here, Le said the company planned to resume issuing STRC once the security returned to its $100 par value.

“We’ll continue to build that. And yeah, when Stretch gets back to par, we’ll issue more. We’ll buy more Bitcoin,” Le said at the time.

Strategy had already started directing common-stock proceeds toward liquidity during that period. Between July 13 and July 19, the company sold about 2.73 million MSTR shares for $263.5 million while keeping its Bitcoin holdings unchanged and increasing its dollar reserve to $3.225 billion.

Cash reserve has climbed from $1.44 billion

Strategy first established its U.S. dollar reserve in December 2025 with an initial balance of $1.44 billion.

The company created the reserve to fund preferred stock dividends and interest payments on outstanding debt, reducing its dependence on raising capital or selling Bitcoin whenever scheduled cash obligations came due.

By the end of May, the reserve had declined to about $900 million. Strategy began rebuilding it more aggressively in June as the company moved toward active management of its Bitcoin, common equity, preferred securities and cash obligations.

The balance subsequently rose to $2.55 billion by early July, $3 billion by July 12, $3.225 billion by July 19 and $3.75 billion by July 26.

Further additions brought the reserve to $4.65 billion on Aug. 9, and about $4.8 billion on Aug. 16 before the latest $300 million allocation increased it to $5.1 billion.

Strategy’s newly created $1.59 billion cash account sits separately from that reserve. According to the latest filing, management can deploy money from the account across Bitcoin purchases, debt obligations, preferred dividends, and securities repurchases depending on its capital requirements and market conditions.