Strategy raised its cash reserve to a record $3.75 billion after selling additional MSTR shares last week, according to its latest filing with the U.S. Securities and Exchange Commission. The company also carried out its first repurchase of STRC preferred stock under a previously announced buyback program.

The update came as Strategy left its Bitcoin holdings unchanged, while MSTR shares rose in premarket trading and Bitcoin continued to trade above $65,000. For investors following the company, the filing is relevant because Strategy’s capital structure now includes common stock, preferred stock, cash reserves, and a large Bitcoin treasury, making liquidity and repurchase activity key items in addition to changes in BTC holdings.

Strategy Builds Cash Reserve and Executes First STRC Repurchase

Strategy increased its U.S. dollar reserve by $525 million after raising approximately $544.5 million through sales of MSTR stock. The SEC filing confirmed the company’s updated reserve position, bringing its total cash reserves to $3.75 billion.

Based on current estimates, the expanded reserve provides Strategy with about 2.1 years of dividend coverage. That measure is closely watched because preferred stock dividends are recurring cash obligations, while the company’s Bitcoin holdings can fluctuate in reported value with the market. Alongside the reserve increase, the company completed its first buyback of STRC preferred stock.

Strategy repurchased 288,930 STRC preferred shares for roughly $25 million. The transaction was conducted under the Digital Credit Securities Repurchase Program, which was announced last month.

Following the buyback, Strategy had $975 million remaining for additional preferred stock repurchases. Its separate MSTR share repurchase program had about $1 million still available for future purchases.

Bitcoin Holdings Remain Unchanged

Strategy did not buy additional Bitcoin during the most recent reporting period. Instead, the company continued to raise capital through sales of MSTR shares while keeping its Bitcoin treasury position intact.

The company continues to hold 843,775 BTC, valued at approximately $58.47 billion. Strategy acquired those Bitcoin holdings over several years for about $63.68 billion, leaving the company with more than $5.21 billion in unrealized losses based on the figures reported.

Despite recent market fluctuations, Strategy has maintained its long-term Bitcoin treasury approach. The company remains the largest corporate holder of Bitcoin among publicly traded companies, so its filings are often used as a reference point for how a public company manages a balance sheet with substantial exposure to Bitcoin.

Strategy has frequently financed Bitcoin acquisitions through equity offerings and preferred stock issuance. However, the latest filing centered on increasing liquidity rather than adding to its Bitcoin holdings.

MSTR Gains Premarket as Bitcoin Trades Above $65,000

MSTR shares ended Friday’s regular session down 2.09% at $91.67. The stock traded between $89.76 and $93.68 during the session before closing below its previous level. Trading volume was also below the stock’s 20 million share average.

After the latest corporate filing became public, MSTR showed gains in premarket trading. The stock rose 2.21% and traded near $93.70 before the opening bell.

Even with the premarket increase, MSTR remained down about 10% over the past month and nearly 50% for the year. STRC shares also advanced, rising 1.66% to $88.33, though they remained below the preferred stock’s $100 target price.

Several brokerage firms have maintained buy ratings on MSTR, with an average 12-month target of $275. At the same time, Bitcoin traded above $65,000 after developments in Iran-Oman discussions supported broader market sentiment, while Bitcoin trading volume increased 86% over the previous 24 hours. Future filings will show whether Strategy continues to prioritize cash reserves and preferred stock repurchases or resumes adding to its Bitcoin position.