Strategy Sells $2 Billion in Shares, Skips Bitcoin Purchases to Build Cash Reserve

Bitcoin treasury company Strategy raised about $2 billion by selling shares last week but chose not to buy any bitcoin, instead setting aside the money for future flexibility.

Strategy’s Share Sale and New Cash Pool

According to a regulatory filing, Strategy sold 18.26 million MSTR shares between August 17 and August 23, without any bitcoin purchases or sales during that stretch. Of the proceeds, $136.4 million went toward repurchasing its STRC preferred stock, $300 million boosted its USD Reserve to $5.1 billion, and the remaining $1.59 billion created a new “USD Cash” pool the company can use later for bitcoin purchases, dividends, debt payments or stock buybacks.

Bitcoin Holdings Stay at 840,447 BTC

Strategy’s bitcoin stash remains unchanged at 840,447 BTC, worth roughly $65.8 billion and bought at an average price of $75,385 per coin. That holding equals about 4% of bitcoin’s total supply cap and now carries a $2.4 billion paper profit, helped by bitcoin’s largest-ever weekly dollar gain last week, when it rose $14,264 to close at $77,387.

Market Reaction and Analyst Outlook

MSTR shares gained 6.1% last week to close at $119.25, while bitcoin climbed nearly 25% over the same period. Analysts at Bernstein said Strategy’s cash reserves now cover 2.8 years of dividend payments and expect bitcoin buying to resume once STRC, currently near $96.43, moves back toward its $100 face value.