Strategy (formerly MicroStrategy) moved $2.01 billion worth of its own stock last week. Not one dollar went into bitcoin, per an Aug. 24 SEC filing.
The company sold 18,261,118 MSTR shares between Aug. 17 and Aug. 23 at an average $109.88, according to the 8-K. It is the latest equity raise in a running series. Gross proceeds cleared $334 million the week prior on the same basis. The difference this time: where the cash landed.
Roughly $136.4 million went toward repurchasing Strategy’s STRC preferred stock. Another $300 million padded the company’s USD Reserve to $5.10 billion. The remaining $1.57 billion seeded a new “USD Cash” account, a dollar-liquidity pool that management may tap for general treasury purposes. The filing lists acquiring bitcoin, paying preferred dividends and interest, repurchasing securities, and redeeming convertible notes as eligible uses. As of Aug. 23, USD Cash held $1.59 billion, a company statement confirmed.
That new account sits apart from the USD Reserve. Strategy limits the reserve to preferred dividends and interest payments. USD Cash carries no such restriction. The filing frames it as a tool for speed, letting management act on “including dislocations in the markets for bitcoin or Strategy’s securities,” Decrypt reported.
The timing tracks a bitcoin rally. BTC closed last week at $77,387 after posting its largest-ever dollar gain, up $14,264, The Block reported. The asset is pushing toward $80,000. At press time it changed hands near $78,400, up roughly 1.2% in 24 hours. A week earlier, with BTC at $63,553, Strategy’s stack sat $9.9 billion underwater.
It is back in the green. Strategy holds 840,447 BTC, roughly 4% of bitcoin’s 21 million supply cap, bought for $63.36 billion at an average $75,385 per coin, according to bitcointreasuries.net. Current prices put the holdings near $65.9 billion. That is a paper profit of about $2.6 billion. In July, when BTC traded close to $58,000, the position was down some $13 billion.
No bitcoin has been added since June, Decrypt reported. The company has instead sold 6,948 BTC for roughly $432.5 million since May under the BTC Monetization Program, part of the Digital Credit Capital Framework unveiled earlier this year. That framework was expanded to permit up to $5 billion in bitcoin sales to fund reserves, dividends, interest payments, and securities repurchases.
The STRC buyback absorbed 1,431,212 shares for $136.4 million. That leaves $516.6 million of the $1 billion digital credit securities repurchase program announced June 29. A separate $1 billion authorization for MSTR stock has not been touched.
Bernstein analysts, led by Gautam Chhugani, wrote in a Friday note that Strategy’s cash reserves now cover 2.8 years of dividends. They expect bitcoin buying to resume as STRC drifts back toward its $100 nominal value. STRC traded near $96.43 at press time. Bernstein also tied bitcoin’s record weekly rally to the U.S. Treasury’s decision to step up buybacks of longer-dated debt. Greater liquidity and lower long-term rates, the analysts argued, could further support the cryptocurrency.
Strategy’s common stock climbed 6.1% last week. It closed Friday at $119.25, though MSTR remains down roughly 74% from 2025 peaks. The enterprise multiple of net asset value stands at 1.00. Co-founder and Executive Chairman Michael Saylor has held off on posting his customary Sunday bitcoin tracker chart in recent weeks. Those posts have historically preceded acquisition announcements.
A tweet from the company on Aug. 24 laid out the numbers: “Strategy increased USD Reserve to $5.10B, established additional USD Cash of $1.59B, and repurchased $136M of $STRC. As of 8/23/26: Strategy holds ~4% of Total BTC Supply and has ~0% Net Leverage.”
The largest corporate bitcoin holder is, for another week, selling its stock and sitting on dollars. Holders, as ever, are divided.
