Strategy, the world’s largest public company holding Bitcoin, has raised about $2 billion through common-stock sales while putting new Bitcoin purchases on hold. The company sold 18.26 million MSTR shares between August 17 and August 23 through its at-the-market offering programme, according to a filing with the US Securities and Exchange Commission.
Source: sec.gov
Most of the proceeds went into a newly created US dollar cash pool, which held about $1.59 billion as of August 23. Strategy also added $300 million to its existing USD Reserve. The moves give the company $6.69 billion in total dollar liquidity while its Bitcoin holdings remain unchanged.
Source: Strategy.com
Strategy used $136.4 million of the share-sale proceeds to repurchase about 1.43 million STRC preferred shares. The remaining funds were directed to the new USD Cash account, which management says will provide greater flexibility in dealing with changing market conditions.
The company said the new cash pool can be used for several purposes, including buying Bitcoin, paying dividends on preferred stock, repurchasing MSTR or preferred shares, repaying debt and adding money to its USD Reserve.
As of August 23, Strategy had $5.1 billion in its USD Reserve and another $1.59 billion in USD Cash. Together, the two pools give the company a sizeable cash cushion of $6.69 billion.
The USD Reserve was originally created in December 2025 with $1.44 billion to help cover preferred-stock dividends and interest payments on debt. Strategy has significantly increased the reserve in recent months, taking it from $900 million at the end of May to $5.1 billion.
Meanwhile, Strategy did not buy or sell any Bitcoin during the week. Its holdings remained at 840,447 BTC, acquired for about $63.36 billion at an average cost of $75,385 per Bitcoin, including fees and expenses.
The decision does not necessarily signal a change in Strategy’s long-term Bitcoin strategy. Instead, the company appears to be building more financial flexibility before making its next move. The newly created USD Cash pool could allow Strategy to act quickly if Bitcoin prices or its own securities experience a sharp market dislocation.
Strategy has also repurchased about $483.4 million of preferred stock under its $1 billion Digital Credit Securities Repurchase Programme, leaving $516.6 million available. Its separate $1 billion authorisation to buy back MSTR common stock remains unused.
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