Strategy, the largest public corporate holder of Bitcoin, raised approximately $2 billion through the sale of common stock during the week ended August 23 and directed most of the proceeds into cash reserves rather than additional Bitcoin purchases. The company disclosed the results in a securities filing on Monday.

Between August 17 and August 23, Strategy sold 18.26 million shares of its MSTR common stock under its at-the-market program, generating roughly $2 billion to $2.01 billion in net proceeds. Management allocated the funds across three uses: preferred-stock repurchases, an existing dollar reserve and a newly created liquidity pool.

Allocation of Proceeds

Of the total raised, $136.4 million was spent to repurchase approximately 1.43 million shares of the company’s variable-rate preferred stock, STRC. Another $300 million was added to the existing USD Reserve, lifting that balance to $5.1 billion as of August 23.

The remaining proceeds, about $1.59 billion, were placed into a newly established account designated “USD Cash.” Combined, the USD Reserve and USD Cash pools now total $6.69 billion in dollar liquidity.

The USD Reserve continues to be earmarked primarily for dividend payments on preferred stock and interest on outstanding debt. The new USD Cash pool carries broader authority. According to the company, those funds may be used to acquire Bitcoin, repurchase MSTR or preferred shares, repay convertible notes, increase the USD Reserve or meet other corporate purposes. Management stated the added flexibility is intended to allow quicker responses to market conditions, including dislocations in Bitcoin or the company’s securities.

Bitcoin Holdings Remain Unchanged

Despite the capital raise, Strategy neither purchased nor sold any Bitcoin during the week. Its holdings stayed at 840,447 BTC, valued at approximately $65.6 billion at recent prices. The coins were acquired for a total cost of $63.36 billion, or an average of $75,385 per Bitcoin including fees and expenses.

The pause marks the second consecutive week without Bitcoin activity. Strategy’s last reported Bitcoin purchase occurred in June. Earlier in the summer the company had sold smaller amounts of Bitcoin under a previously authorized monetization program to support preferred-stock obligations and replenish cash.

Under its Digital Credit Capital Framework, Strategy has repurchased approximately $483.4 million of preferred stock against a $1 billion authorization, leaving $516.6 million still available. A separate $1 billion authorization for common-stock repurchases remains unused.

Context for the Liquidity Build

Strategy first established its USD Reserve in December 2025 with an initial $1.44 billion balance, intended to cover preferred dividends and debt interest without forcing sales of Bitcoin or repeated equity raises. The reserve declined earlier in 2026 before management accelerated replenishment beginning in June. Successive weekly additions lifted the reserve from roughly $900 million at the end of May to the current $5.1 billion.

The latest capital raise continues that cash-building phase while introducing a more flexible second pool. The company has not committed a specific timetable for deploying the USD Cash balance into Bitcoin or other uses.

In pre-market trading on Monday, MSTR shares were indicated higher near $121, while STRC traded around $96.49. Bitcoin traded above $78,000 at the time of the disclosures.

Strategy continues to hold approximately 4 percent of the total Bitcoin supply and reports minimal net leverage on its balance sheet. The combination of a larger dedicated reserve and the new flexible cash pool leaves the company with substantial dollar liquidity while its Bitcoin position remains static for now.