Strategy Raises $2.01 Billion Selling MSTR Stock, Creates USD Cash Pool
Key Takeaways
- •Strategy sold 18,261,118 MSTR shares for $2.01 billion net at an average price of about $109.88, six times the previous week's $334 million raise.
- •The company allocated $1.57 billion to a newly established USD Cash pool, which held $1.59 billion as of August 23 and may be used to acquire Bitcoin among other treasury purposes.
- •Strategy repurchased 1,431,212 STRC preferred shares for $136.4 million, leaving $516.6 million under its $1 billion digital credit securities repurchase program, while a separate $1 billion MSTR authorization remains unused.
- •Strategy's Bitcoin holdings stayed at 840,447 BTC, purchased for $63.36 billion at an average of $75,385 per coin, with no purchases since June and no sales for a second straight week.
- •With Bitcoin trading near $78,400, Strategy's holdings are valued at about $65.9 billion, roughly $2.6 billion above cost, after being underwater as recently as the prior week.
Strategy has not bought Bitcoin since June and has now gone a second straight week without selling any either.
The company raised $2.01 billion net by selling MSTR stock, six times the previous week’s total.
Most of the proceeds went into USD Cash, a newly created pool that the company said may be used to acquire Bitcoin.
Strategy raised just over $2 billion by selling its own shares last week without touching its Bitcoin, according to an 8-K filed Monday, and placed most of the proceeds into a liquidity account it created the same day.
The Bitcoin treasury company sold 18,261,118 MSTR shares for $2.01 billion net, at an average price of about $109.88 per share, compared with $96.48 a week earlier. Of that amount, $136.4 million went toward repurchasing STRC preferred stock and $300 million went into its dollar reserve, while the remaining $1.57 billion was allocated to the new account.
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. $MSTR — Strategy (@Strategy) August 24, 2026
That account, USD Cash, is described in the filing as a separately designated pool of dollar liquidity held for general Bitcoin treasury purposes. The list of those purposes is broad and includes acquiring Bitcoin, paying preferred dividends and interest, repurchasing MSTR or preferred stock, repaying or redeeming convertible notes, and topping up the dollar reserve. It stood at $1.59 billion as of August 23.
Two pots, different rules
Strategy’s USD Cash pool is separate from the company’s existing USD Reserve, a $5.1 billion stash designated to cover preferred dividends and interest on debt. USD Cash does not carry that restriction, which gives the company more flexibility to direct dollars among balance sheet needs tied to its Bitcoin strategy, including potential market dislocations in Bitcoin or Strategy securities, as the filing puts it.
The company’s holdings remained at 840,447 BTC, purchased for $63.36 billion at an average price of $75,385 per coin. Strategy has not bought Bitcoin since June and has now gone two weeks without selling any either, having disposed of 6,948 BTC for roughly $432.5 million since May. It raised $334 million the previous week on the same basis.
Bitcoin’s rally has changed Strategy’s position significantly. With the cryptocurrency now trading around $78,400, the company’s stack is worth about $65.9 billion, or roughly $2.6 billion above cost. A week ago, when Bitcoin was at $63,553, the position was about $9.9 billion underwater, and in July, when Bitcoin was near $58,000, the company was about $13 billion down.
The STRC buyback covered 1,431,212 shares and leaves $516.6 million of the $1 billion digital credit securities repurchase program announced on June 29. A separate $1 billion authorization for MSTR stock remains unused. For investors tracking Strategy’s capital structure, the filing adds another layer to watch: how the company balances share sales, preferred repurchases, and cash reserves alongside its Bitcoin holdings as it manages funding and liquidity.
