Strategy Raises $2B, Adds New Cash Reserve

Bitcoin treasury company Strategy raised approximately $2 billion through common stock sales last week, according to a Monday filing with the U.S. Securities and Exchange Commission. The company sold 18.26 million MSTR shares between Aug. 17 and Aug. 23 through its at-the-market offering program, as reported by Cointelegraph and Crypto News.

The proceeds were partially used to repurchase about 1.43 million STRC preferred shares for $136.4 million, as detailed by multiple sources. Additionally, $300 million was added to Strategy's existing U.S. dollar reserve, while the remainder—approximately $1.59 billion—was directed to a newly established U.S. dollar cash account.

Cash Position Grows to $6.69 Billion

As of Sunday, Strategy reported $5.1 billion in its U.S. dollar reserve and $1.59 billion in the new cash account, bringing total cash across both pools to $6.69 billion, according to Cointelegraph and Crypto News. This marks an increase from the reserve's initial balance of $1.44 billion established in December 2025, as reported by Cointelegraph.

The company stated the new cash account offers management more flexibility to respond to market conditions and can be used for purposes including Bitcoin purchases, preferred-stock dividends, debt payments, and securities repurchases, as detailed by Cointelegraph and Crypto News. The filing, quoted by Bitcoin Magazine, specified that the USD Cash pool may be retained for "future deployment for general Bitcoin Treasury Company purposes," including acquiring bitcoin, paying dividends, and repurchasing shares.

No Bitcoin Bought Since June

Despite raising significant capital, Strategy made no Bitcoin purchases or sales during the week, leaving its holdings unchanged at 840,447 BTC, as reported by Cointelegraph and Crypto News. The company has not bought Bitcoin since June, according to Bitcoin Magazine, instead focusing on stock buybacks and building cash buffers. Bitcoin Magazine also noted that Strategy occasionally sold Bitcoin, with Crypto News reporting sales of 3,588 BTC in late June and 1,690 BTC in early August to fund the reserve.

Strategy's accumulation totals $63.36 billion spent at an average price of $75,385 per Bitcoin, making it the largest corporate holder, as per Cointelegraph and Crypto News. Bitcoin Magazine added that the company has spent nearly $64 billion on bitcoin and holds holdings worth $66.4 billion at recent prices.

Accelerated Cash-Building Program

The latest increase extends a cash-building program that has accelerated since June, according to Crypto News. The reserve was $900 million at the end of May, then rose to $2.55 billion by early July, and continued climbing to $3.75 billion by July 26, a report detailed by Crypto News. The dollar reserve reached $4.65 billion on Aug. 9, before the $300 million addition pushed it to $5.1 billion, as reported in the same publication.

Strategy also repurchased 1.4 million STRC preferred shares for $136.4 million last week, as covered by Cointelegraph and Crypto News. This follows an earlier repurchase of about 1.15 million STRC shares in August, which was funded through Bitcoin sales, according to Crypto News.

CEO Comments on Long-Term Bitcoin Commitment

Bitcoin Magazine reported that Strategy's buyback plan—approved in July—is aimed at strengthening the balance sheet rather than retreating from Bitcoin. President and CEO Phong Le has stated that Strategy intends to remain a long-term bitcoin buyer, as quoted by Bitcoin Magazine. The filing also noted that the company might resume issuing STRC preferred shares once they return to par value, a comment previously made by Le, adding by Crypto News.

Shares of Strategy (Nasdaq: MSTR) were trading higher Monday morning in New York, as reported by Bitcoin Magazine, with the stock rallying last week as the price of bitcoin rose.

Historical Perspective

Strategy, formerly MicroStrategy, began buying Bitcoin in 2020 to protect shareholder returns, as noted by Bitcoin Magazine. The company's board has approved a BTC Monetization Program enabling sales of up to $1.25 billion to fund the U.S. dollar reserve, according to Crypto News. Its capital framework includes separate $1 billion repurchase authorizations for common stock and preferred securities.

In the week ending July 26, Strategy raised $544.5 million by selling 5.43 million MSTR shares, using $25 million for STRC repurchases, while its Bitcoin holdings remained unchanged, as reported by Crypto News. Later, a filing covering Aug. 10-16 showed $333.7 million raised from 3.46 million shares, with $149.1 million added to the dollar reserve, $132.2 million for STRC repurchases, and $52.4 million for STRC dividends, all per Crypto News.

The new cash account and expanded reserve give the company substantial dry powder for potential future Bitcoin acquisitions, though no timetable for deployment has been provided, according to Crypto News. Strategy's latest moves underscore its approach to active capital management while preserving its long-term exposure to Bitcoin.