Strategy Raises Cash Reserve to $3.75 Billion, Extends Bitcoin Pause

Strategy has made Bitcoin the centerpiece of its corporate treasury strategy, financing purchases through sales of common and preferred stock. The model championed by Michael Saylor has tied the company’s valuation closely to the cryptocurrency while creating recurring dollar obligations, including preferred-stock dividends. The latest disposal shows Strategy using part of its Bitcoin holdings to balance shareholder payouts, share-price support and liquidity needs.

In the week ended Aug. 2, Strategy sold 1,638 Bitcoin for about $104.7 million, its first sale since June, reducing its holdings to 842,138 tokens. The company allocated roughly half of the proceeds to preferred-stock dividends and the remainder to repurchases of STRC shares. The transaction extended Strategy’s estimated dollar liquidity runway to 2.3 years, giving it more capacity to meet cash commitments without relying solely on new capital issuance.

Strategy has evolved from an enterprise software company into the world’s largest institutional holder of bitcoin since adopting the cryptocurrency as its primary treasury reserve asset in 2020. Its ambitions now extend beyond accumulating bitcoin to issuing Digital Credit securities and yield products. That shift makes dependable cash flow, liquidity and dividend coverage increasingly important for traditional investors who may want bitcoin-linked returns without taking the asset’s full volatility.

Chief Executive Officer Phong Le said on August 11, 2026, that Strategy had built a $4.75 billion cash cushion, enough to cover about 2.7 years of dividend payments. Le said bitcoin ownership alone was insufficient for conventional investors, who place greater weight on liquidity and predictable cash distributions. The reserve forms part of Strategy’s effort to expand its Digital Credit business and develop lower-volatility, bitcoin-linked yield products for a broader pool of institutional capital.

Strategy, formerly known as MicroStrategy, has made Bitcoin the centerpiece of its treasury strategy, funding the position through common stock, preferred securities and other capital-market instruments. Its U.S. dollar reserve is intended to help cover preferred dividends and debt-related obligations while preserving flexibility during volatile markets. The approach gives investors leveraged exposure to Bitcoin, though repeated equity issuance can dilute existing shareholders.

The company sold 2,732,318 MSTR shares through its at-the-market program from July 13 to July 19, 2026, generating $263.5 million in net proceeds. Strategy added $225 million to its dollar reserve, lifting the balance to $3.225 billion as of July 19. It neither bought nor sold Bitcoin during the week, marking a second consecutive pause, and retained 843,775 BTC acquired for about $63.69 billion, or an average $75,476 per coin.

Strategy has long treated Bitcoin as a core asset and has raised funds to buy the cryptocurrency through stock issuances and sales, making it one of the world's most prominent corporate Bitcoin holders. Its holdings exceed 4% of Bitcoin's total supply, leaving its balance sheet and share price highly exposed to swings in the cryptocurrency's value.

Strategy spent $34.9 million from June 15 to June 21 to buy 520 Bitcoin at an average price of $67,068 each. The company now holds more than 847,000 Bitcoin. It has continued selling shares to raise funds for further purchases even as the position's unrealized loss has reached $9.3 billion.

Strategy, formerly MicroStrategy (Nasdaq: MSTR), has treated Bitcoin as a core asset since 2020 and has continued accumulating it by raising funds through stock issuance. It is the world’s largest publicly traded corporate holder of Bitcoin, and its transactions are widely viewed as key indicators of corporate adoption and market liquidity.

Strategy disclosed on June 8, 2026, that it spent $101 million to buy 1,550 Bitcoin between June 1 and June 7 at an average price of about $65,332 each, increasing its holdings to 845,256 Bitcoin. It had previously sold 32 Bitcoin between May 26 and May 31 to pay preferred-stock dividends but resumed accumulating immediately afterward.

Strategy, formerly known as MicroStrategy, has long treated Bitcoin as a core asset, raising funds through stock issuance to finance continued purchases. The company has become a key gauge of corporate crypto adoption. Its vast holdings affect its financial performance and have also drawn market scrutiny of the risks arising from equity financing and Bitcoin price volatility.

Strategy spent about $43 million in early May to buy another 535 Bitcoin, increasing its total holdings to 818,869 and formally taking the figure above 810,000. At current market prices, the holdings carry an estimated unrealized gain of about $4.6 billion. The company plans to continue its long-term strategy of issuing stock and buying more Bitcoin.

Strategy, formerly known as MicroStrategy, has continued raising funds through equity and debt instruments to buy Bitcoin under Michael Saylor, making BTC a core asset. The company recently raised capital through STRC perpetual preferred stock carrying an 11.5% dividend rate. Saylor said an annual Bitcoin gain of more than 2% would be enough to cover the dividend, underscoring the company's highly leveraged capital strategy.

Strategy added 3,468 Bitcoin on April 10, according to the latest report, which did not disclose the dollar value or average purchase price of the transaction. The purchase brought the company's total Bitcoin holdings close to 770,000 BTC. As proceeds raised through STRC continue to be converted into Bitcoin, the company's holdings are moving toward a new milestone.

Michael Saylor-led Strategy has fueled the digital asset treasury, or DAT, model by issuing common and preferred stock to buy Bitcoin. Several companies followed suit when Bitcoin traded above $110,000 in July and August 2025. After the cryptocurrency fell below $70,000, however, high-cost holdings came under pressure and buying became concentrated in a single company, increasing market-liquidity and balance-sheet risks.

CryptoQuant said on March 26, 2026, that Strategy had bought about 45,000 BTC over the previous 30 days, while other companies purchased only about 1,000 BTC. Strategy held 76% of the Bitcoin in corporate treasuries. Data as of April 6 showed that it had added 46,233 BTC since March 2, nearly three times the 16,200 BTC in new supply over the same period. The company also raised $102.6 million through STRC to help fund more than $330 million in Bitcoin purchases.

Strategy, formerly known as MicroStrategy, has treated Bitcoin as a core treasury asset since 2020 and has long financed purchases through sales of common and preferred stock. The strategy has made it the world’s largest corporate holder of Bitcoin, but its high-interest financing costs and exposure to cryptocurrency price swings remain under market scrutiny.

Strategy raised funds by selling Class A common stock and preferred stock from March 2 to March 8, 2026, then spent about $1.28 billion to buy 17,994 Bitcoin at an average price of $70,946 each. The transaction increased its total holdings to 738,731 Bitcoin, continuing its long-term Bitcoin treasury strategy.

Strategy, formerly known as MicroStrategy, is the world’s largest publicly traded corporate holder of Bitcoin. It has long raised funds through stock and bond issuance to buy the cryptocurrency, which it treats as a core reserve asset. The size of its holdings can affect both the company’s financial risk and market confidence, making each purchase closely watched by investors.

Strategy raised funds through an at-the-market (ATM) stock offering in late February 2026 and spent about $204 million to buy 3,015 Bitcoin at an average price of roughly $67,700 each. This was the company’s 101st Bitcoin purchase. The transaction increased its total holdings to 720,737 Bitcoin, formally taking the figure above 720,000.