Strategy has raised approximately $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, according to a Monday SEC filing.
The Capital Raise
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 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 its 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, taking the combined balance across both accounts to $6.69 billion as of Aug. 23. The new cash account gives management additional flexibility for Bitcoin purchases, preferred stock dividends, debt payments and securities repurchases.
Bitcoin Holdings Stay Unchanged
Despite raising about $2 billion last week, Strategy reported no Bitcoin purchases or sales. Its treasury remains at 840,447 BTC, acquired for an aggregate $63.36 billion at an average price of $75,385 per Bitcoin. The company arrived at this balance after selling part of its holdings earlier this summer under a capital framework that authorized up to $1.25 billion of Bitcoin sales to fund the dollar reserve.
Strategy sold 3,588 BTC between June 29 and July 5 for about $216 million, then another 1,690 BTC between Aug. 3 and Aug. 9 for $108.6 million. The balance has since remained steady through two subsequent weekly reporting periods.
STRC Repurchases Continue
STRC, also known as Stretch, is a perpetual preferred security designed around a $100 reference value with a variable dividend rate. Strategy spent another $136.4 million buying back approximately 1.43 million STRC shares during the week ended Aug. 23, following $132.2 million in repurchases the previous week and $108.6 million the week before that.
CEO Phong Le previously tied future Bitcoin accumulation partly to conditions in STRC, saying the company planned to resume issuing the security once it returned to its $100 par value. When Stretch gets back to par, we'll issue more, Le said. We'll buy more Bitcoin.
Cash Reserve Growth
Strategy first established its dollar reserve in December 2025 with $1.44 billion to fund preferred stock dividends and interest payments. The balance declined to about $900 million by May before the company began rebuilding aggressively in June. The reserve has since climbed from $1.44 billion to $5.1 billion, with the additional $1.59 billion cash account bringing total liquidity to $6.69 billion.
The pattern shows Strategy prioritizing cash accumulation over Bitcoin purchases in the current market environment, potentially preparing for a larger acquisition when conditions align.
