Strategy, the largest corporate holder of Bitcoin, did not buy or sell any Bitcoin during the week ended August 23, leaving its holdings unchanged at 840,447 BTC for a second consecutive week. The company — formerly known as MicroStrategy — began converting its corporate treasury into Bitcoin in August 2020 and has since assembled the largest Bitcoin position of any publicly traded company, funded through a mix of stock sales, convertible debt, and preferred share issuances.

At the same time, the company built up its dollar liquidity, reporting $1.59 billion in a new reserve designated “USD Cash.” According to Strategy, the reserve can be used for future Bitcoin purchases, interest payments on outstanding debt, and share repurchases — giving the company more flexibility while it maintains its large Bitcoin position without adding to it.

Stock Sales Generate $2 Billion

According to a filing with the US Securities and Exchange Commission (SEC), Strategy sold 18,261,118 shares of common stock through its at-the-market issuance program — a mechanism that allows the company to sell shares into the open market over time — between August 17 and August 23, generating $2.0065 billion in net proceeds. The filing is one of the weekly updates Strategy has filed with the SEC since early 2025, giving investors a near-real-time view of its Bitcoin holdings and capital-raising activity.

The company allocated $300 million of those proceeds to its general US dollar reserves and used $136.4 million to repurchase STRC shares — STRC being one of the preferred stock series Strategy lists separately from its common stock. The remaining approximately $1.5701 billion was allocated to the USD Cash reserve.

As a result, Strategy's total US dollar reserves rose to $5.1 billion. The buildup gives the company capital that can be deployed without requiring an immediate Bitcoin purchase, and it can also provide liquidity for debt-related obligations and share repurchases, depending on market conditions and the company's capital-allocation decisions. The equity sales form part of the multiyear capital-raising program Strategy announced in late 2024 as a $42 billion equity-and-debt plan and has since expanded.

Bitcoin Holdings Remain Unchanged

Strategy's Bitcoin holdings stood at 840,447 BTC as of August 23, according to the filing. The company has therefore gone a second consecutive week without increasing its Bitcoin position — a pause that contrasts with much of the past two years, when the weekly filings frequently disclosed new purchases. Strategy continues to raise capital through stock sales while maintaining one of the largest corporate Bitcoin holdings in the world.

Bitcoin Trades Above Strategy's Average Purchase Price

Bitcoin was trading around $79,390 on August 24, above Strategy's reported average purchase price of approximately $75,385 per bitcoin. At that average price, the 840,447 BTC position implies an aggregate cost basis of roughly $63.4 billion and a market value of roughly $66.7 billion at the August 24 price.

The roughly $4,000 difference between those two figures implies about $3.36 billion in unrealized appreciation across Strategy's 840,447 BTC holdings, based on a simple mark-to-market calculation. That figure represents the difference between the market price and Strategy's stated average acquisition price; it is not the same as an accounting profit or a realized gain.

A Holding Pattern With a Growing Cash Buffer

Strategy is maintaining its massive Bitcoin position while simultaneously building a substantial dollar reserve. The combination gives the company greater flexibility to respond to changes in Bitcoin prices, financing conditions, and its own capital needs — including interest obligations on the debt it has issued over the years to fund past Bitcoin purchases.

For now, the company's Bitcoin holdings remain fixed at 840,447 BTC, while its total US dollar reserves stand at $5.1 billion following the latest round of share sales. The company's next weekly filings will show whether the USD Cash reserve is eventually directed toward a Bitcoin purchase, debt service, further STRC repurchases, or continues to grow alongside the unchanged holdings.