Strategy Pauses the Dip, Pockets $1.6B, and Lets $BTC Climb Back Into the Black for It

Strategy, the largest public corporate holder of Bitcoin, raised about $2 billion through common stock sales last week without purchasing any $BTC, channeling the bulk of the proceeds into a newly created liquidity pool that brings the company's combined dollar holdings to $6.69 billion. Between Aug. 17 and Aug. 23, the firm sold 18.26 million MSTR shares through its at-the-market offering program for $2.01 billion net, an average of roughly $109.88 per share, according to an 8-K filed Monday with the US Securities and Exchange Commission. Strategy repurchased about 1.43 million STRC preferred shares for $136.4 million, added $300 million to its existing US dollar reserve, and directed the remaining proceeds to a newly established USD Cash account. The company reported $5.1 billion in its dollar reserve and $1.59 billion in the new cash account as of Sunday, for total cash across the two pools of $6.69 billion.

The new USD Cash pool sits alongside the firm's pre-existing USD Reserve and is structured as a separately designated liquidity account under Strategy's Digital Credit Capital Framework. The company said the account gives management more flexibility to respond to market conditions and can fund purposes including Bitcoin purchases, preferred-stock dividends, debt payments and securities repurchases. Strategy initially established its US dollar reserve in December 2025 with $1.44 billion to support preferred-stock dividends and interest payments on outstanding debt and grew it from $900 million at the end of May to $5.1 billion by Sunday. The STRC buyback consumed 1,431,212 shares and leaves $516.6 million of the $1 billion digital-credit securities repurchase program announced on June 29, while a separate $1 billion authorization covering MSTR stock remains untouched.

The firm made no Bitcoin purchases or sales during the week, leaving its holdings at 840,447 BTC, acquired for $63.36 billion at an average price of $75,385 per coin. That figure came back into profit over the following days as Bitcoin's five-day rally pushed $BTC past $78,000, lifting the value of the stack to roughly $65.89 billion, an unrealized gain near $2.53 billion or 4.0% against the $63.36 billion cost basis. Michael Saylor posted a chart of the holdings on X on Sunday with the two-word message "We're Back," marking the first time the position has been in the green since July, when it was roughly $13 billion underwater near $58,000. MSTR closed Friday at $119.25, up 27.4% on the month and its highest level in two months, though still 67% below its 52-week high of $365.21.

The pause on buying capped a stretch in which Strategy, which has long operated under Saylor's "never sell" framing, was a net seller of both Bitcoin and its own stock through the summer. Since May, the company has sold 6,948 BTC for about $432.5 million, including 1,690 BTC for $109 million during the week ending August 9, with proceeds directed toward STRC buybacks; through the period when Bitcoin traded in the low-to-mid $60,000s, the firm did not buy the dip. The week after those sales, Strategy raised $334 million by selling MSTR shares without touching its Bitcoin, using the money for preferred dividends, STRC buybacks and dollar reserves that have since grown to $6.7 billion. Bitcoin slid as low as $76,877 on Friday after Federal Reserve Chair Kevin Warsh warned that inflation is not cooling fast enough, a comment that pushed September rate-hike odds higher, and the asset remains well below its October record near $126,000.