Strategy last week sold 18,261,118 MSTR shares to raise $2.01 billion and created a separate dollar liquidity account, USD Cash, for bitcoin treasury operations.
On Aug. 24, local time, blockchain outlet Decrypt reported the company did not buy additional bitcoin or sell more bitcoin during the same period.
A filing showed Strategy sold 18,261,118 MSTR shares at an average price of $109.88, raising $2.01 billion. The previous week’s average sale price was $96.48 and it raised $334 million at that time. Of the proceeds, $136.4 million was used to redeem STRC preferred shares and $300 million was added to existing dollar reserves. The remaining $1.57 billion was moved into the newly created USD Cash account.
USD Cash was set up as a separate dollar liquidity pool for bitcoin treasury purposes. The company said it can use the funds for bitcoin purchases, paying preferred dividends and interest, redeeming MSTR or preferred shares, repaying or redeeming convertible bonds, and bolstering dollar reserves. The account stood at $1.59 billion as of Aug. 23.
It also drew a clear distinction from its existing dollar reserves. The existing USD Reserve is a $5.1 billion pool of funds earmarked to pay preferred dividends and debt interest. USD Cash has no such restrictions. Strategy explained the account was designed to respond more quickly to changing conditions in the bitcoin market or the market for its securities.
Its bitcoin holdings were unchanged. The company said it held 844,407 bitcoin as of Aug. 23, with a total purchase cost of $63.36 billion and an average purchase price of $75,385. The company has not bought additional bitcoin since June and has not sold it for two consecutive weeks. Since May, it has sold a cumulative 6,948 bitcoin for about $432.5 million.
A recovery in market prices also changed book gains and losses. With bitcoin trading at about $78,400, the value of Strategy’s holdings was estimated at about $65.9 billion. That is about $2.6 billion above its purchase cost. A week earlier, when bitcoin was $63,553, the company was in a zone of a $9.9 billion loss by that measure, and in July when bitcoin was near $58,000, the loss widened to about $13 billion.
In a social media post, the company said it increased USD Reserve to $5.1 billion, established additional USD Cash of $1.59 billion and repurchased $136 million of STRC. It added that it held about 4 percent of total bitcoin supply as of Aug. 23 and that net leverage was near 0 percent.
It also carried out STRC redemptions. The company said it bought back 1,431,212 STRC shares in the redemption and that $516.6 million remained under the $1 billion digital credit securities redemption program announced on June 29. A separate $1 billion MSTR share buyback authorization has not yet been executed.
In this flow, Strategy appears to be placing more weight on securing dollar liquidity than on additional bitcoin purchases. A key point to watch will be whether it uses the new cash account for actual bitcoin purchases or prioritises preferred shares and convertible bond management.
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 https://t.co/POGGIVBZDK