Overview
- Strategy has refrained from purchasing Bitcoin since June and has now completed two consecutive weeks without selling any.
- The company raised $2.01 billion by selling MSTR stock, a figure six times higher than the previous week's total.
- A significant portion of these funds has been allocated to a new USD Cash fund, which the company indicated might be used for Bitcoin acquisitions.
Strategy successfully raised over $2 billion last week through the sale of its shares while leaving its Bitcoin holdings untouched, as noted in an 8-K filing on Monday. Most of the proceeds were deposited into a newly established liquidity account on the same day.
The Bitcoin treasury company sold 18,261,118 MSTR shares for a net amount of $2.01 billion, averaging approximately $109.88 per share compared to $96.48 the previous week. Out of this total, $136.4 million was utilized to repurchase STRC preferred stock, $300 million was added to its dollar reserve, and the remaining $1.57 billion was allocated to the new liquidity account.
Strategy has increased its USD Reserve to $5.10 billion, established an additional USD Cash fund of $1.59 billion, and repurchased $136 million of $STRC. As of August 23, 2026, Strategy holds approximately 4% of the total BTC supply and has about 0% net leverage. $MSTR https://t.co/POGGIVBZDK
— Strategy (@Strategy) August 24, 2026
This USD Cash account is specifically designated as a pool of dollar liquidity meant for general Bitcoin treasury activities. The potential uses for this fund are diverse, including purchasing Bitcoin, paying preferred dividends and interest, repurchasing MSTR or preferred stock, settling convertible notes, and enhancing the dollar reserve. As of August 23, the USD Cash fund stood at $1.59 billion.
Two Distinct Funds with Different Functions
Strategy's USD Cash fund is separate from its existing USD Reserve, which totals $5.1 billion and is earmarked for covering preferred dividends and debt interest. Unlike the USD Reserve, USD Cash has no such limitations and is intended to provide management with agility in responding to market fluctuations, "including disruptions in the markets for Bitcoin or Strategy's securities."
The company’s holdings remain at 840,447 BTC, acquired for $63.36 billion at an average price of $75,385. Strategy has not acquired Bitcoin since June and has not sold any for two weeks, having previously disposed of 6,948 BTC for around $432.5 million since May. The prior week, it raised $334 million under similar circumstances.
The recent surge in Bitcoin prices has significantly improved Strategy's financial standing, with Bitcoin currently trading at approximately $78,400, valuing its holdings at about $65.9 billion—approximately $2.6 billion above its acquisition cost. Just a week ago, when Bitcoin was priced at $63,553, the company was facing a $9.9 billion loss, and in July, when Bitcoin was near $58,000, its losses were around $13 billion.
The STRC repurchase involved 1,431,212 shares and leaves $516.6 million remaining from the $1 billion digital credit securities buyback program initiated on June 29. A separate $1 billion repurchase authorization for MSTR stock remains unutilized.