Strategy Raises $2 Billion Through MSTR Sales, Creates USD Cash Pool

Strategy, formerly MicroStrategy, began as a business-intelligence software company before co-founder and Executive Chairman Michael Saylor redirected its balance sheet toward Bitcoin. It made an initial $250 million purchase in August 2020 and subsequently funded further acquisitions through common stock, convertible notes and preferred shares. The structure turned MSTR into a leveraged corporate vehicle for Bitcoin exposure, but unlike a spot ETF, investors also assume operating, financing, governance and capital-structure risks.

As of Aug. 28, 2026, Strategy held 840,447 Bitcoin acquired at an average price of $75,653, with the reserve valued at about $66.79 billion. Since May, the company has sold 6,948 Bitcoin for roughly $432.5 million to help fund preferred dividends and STRC repurchases, replacing Saylor’s long-standing “never sell” posture with a goal of never becoming a net seller. Strategy now weighs Bitcoin sales against equity issuance based on relative cost, while separate USD Reserve and unrestricted USD Cash pools provide liquidity for debt, dividends, buybacks and market opportunities.

Strategy, the world’s largest corporate holder of bitcoin, has built its treasury through sales of common and preferred shares, making its capital allocation closely watched by equity and crypto investors. On June 29, the company adopted a Digital Credit Capital Framework that created a US dollar reserve and authorized repurchases. STRC is its variable-rate perpetual preferred stock. Funding a STRC buyback while issuing MSTR common shares highlights the trade-off between dilution, preferred-dividend support and preserving long-term bitcoin exposure.

In a July 27 filing with the US Securities and Exchange Commission, Strategy said it sold 5,429,160 MSTR shares through its at-the-market program from July 20 through July 26, generating $544.5 million in net proceeds. It repurchased 288,930 STRC shares for $25 million, its first activity under the $1 billion preferred-securities buyback authorization. Bitcoin holdings stayed unchanged at 843,775, while the dollar reserve rose by $525 million to $3.75 billion, enough for about 2.1 years of dividends. A day earlier, Executive Chairman Michael Saylor posted, “We’re gonna need another color,” fueling speculation about Strategy’s next move.

As the publicly listed company with the world’s largest Bitcoin holdings, Strategy’s moves are closely watched across the crypto market. The company has primarily used debt and new share issuance to aggressively accumulate Bitcoin. Its holdings strategy and financing methods have long served as an important gauge of institutional attitudes toward crypto assets, and any shift in how it uses funds could prompt investors to reassess its financial resilience and market outlook.

Strategy sold about $467 million of MSTR shares through an at-the-market program during the week, boosting its cash reserves to $3 billion. The funds will primarily cover preferred-stock dividends and interest. Unlike the previous week, when it sold Bitcoin to raise capital, the latest move allowed the company to keep its Bitcoin position unchanged at 843,775 BTC, demonstrating its ability to raise U.S. dollar liquidity without reducing its core crypto holdings.

Strategy, formerly known as MicroStrategy (Nasdaq: MSTR), has long raised funds through stock and debt issuance to buy Bitcoin and has become the world's largest publicly traded corporate holder of the cryptocurrency. Its asset allocation and financing capacity affect investors in MSTR common and preferred shares, while its U.S. dollar reserve is an important safeguard for the company's continued payment of preferred-stock dividends.

In the week ended July 19, 2026, Strategy raised funds by selling common stock and purchased 520 Bitcoin for about $34.9 million, bringing its total holdings to 847,363 BTC. The company also added $300 million to its U.S. dollar reserve, lifting its cash holdings to $1.4 billion to strengthen its capacity to pay preferred-stock dividends.

Strategy, formerly MicroStrategy (Nasdaq: MSTR), has continued to expand its Bitcoin holdings through equity issuance and debt since adding the cryptocurrency to its corporate treasury in 2020. At-the-market, or ATM, programs allow shares to be sold in tranches as market conditions permit. The new capacity could support further purchases but also brings common-stock dilution and preferred-share dividend obligations.

On March 23, 2026, Strategy filed for separate ATM programs covering $21 billion of MSTR common stock and $21 billion of STRC preferred stock, for a combined $42 billion. Including its STRK capacity, the total reaches $44.1 billion. The company also disclosed that it spent $76.6 million to buy 1,031 Bitcoin from March 16 to 22, increasing its holdings to 762,099 Bitcoin.