Strategy Inc., the world’s largest Bitcoin treasury company, disclosed on August 24, 2026, that it raised approximately $2 billion by selling 18,261,118 shares of its Class A common stock (MSTR) through its at-the-market offering program between August 17 and August 23.
The company used the proceeds to increase its USD Reserve to $5.10 billion, establish a new $1.59 billion USD Cash liquidity pool, and repurchase $136.4 million of its Variable Rate Series A Perpetual Stretch Preferred Stock (STRC). Bitcoin holdings remained unchanged at 840,447 BTC.
According to the Form 8-K filed with the U.S. Securities and Exchange Commission (SEC), $300 million of the net proceeds went toward the USD Reserve, $136.4 million funded the repurchase of 1,431,212 STRC shares, and the remaining amount seeded the newly created USD Cash account.
As of August 23, 2026, Strategy held $5.10 billion in its USD Reserve and $1.59 billion in USD Cash, for combined designated dollar liquidity of $6.69 billion. These balances include expected proceeds from shares sold but not yet settled.
Establishment of Flexible USD Cash Under the Digital Credit Capital Framework
The filing marks the formal introduction of “USD Cash” as a new component of Strategy’s Digital Credit Capital Framework, first outlined in a June 29, 2026, Form 8-K. USD Cash is defined as a separately designated pool of U.S. dollar liquidity that management may deploy for general Bitcoin treasury company purposes. Permitted uses include acquiring bitcoin, paying declared cash dividends on preferred stock and interest on outstanding indebtedness, repurchasing MSTR common stock or preferred securities, repaying, repurchasing or redeeming convertible notes, increasing the USD Reserve, and other similar activities.
In contrast, the existing USD Reserve policy remains unchanged and is restricted solely to supporting preferred-stock dividend payments and interest obligations on outstanding debt. The company has previously indicated a board-mandated minimum USD Reserve equal to at least 12 months of those expected annual obligations.
Strategy stated that the addition of USD Cash provides greater operational flexibility, enabling management to respond more quickly to market conditions, including potential dislocations in bitcoin prices or the trading of the company’s own securities.
The Digital Credit Securities Repurchase Program, also authorized in June 2026 for up to $1 billion of preferred securities (including STRC, STRF, STRD, and STRK), has now seen approximately $483.4 million utilized. This leaves $516.6 million still available. A separate $1 billion authorization for repurchases of MSTR common stock remains fully unused.
Bitcoin Holdings Steady as Capital Structure Strengthens
Strategy made no bitcoin purchases or sales during the week ended August 23, 2026, leaving its treasury at 840,447 BTC. The aggregate purchase price of these holdings stands at $63.36 billion, equating to an average cost of $75,385 per bitcoin (inclusive of fees and expenses). The company continues to control roughly 4% of Bitcoin’s total 21 million supply and reports approximately 0% net leverage.
This latest capital raise continues Strategy’s recent pattern of prioritizing liquidity and preferred-stock management over immediate bitcoin accumulation. Earlier in the summer the firm had paused large-scale purchases while building its dollar reserves and executing buybacks under the Digital Credit framework.
By creating a flexible USD Cash pool alongside the more restricted USD Reserve, Strategy has expanded its ability to act opportunistically—whether to acquire additional bitcoin in favorable market conditions, support preferred dividends, or further reduce outstanding preferred shares.
The announcement reinforces the company’s dual identity as both a major Bitcoin holder and an active capital markets participant. With nearly $6.7 billion in designated dollar liquidity, remaining repurchase capacity, and a substantial bitcoin position carried at near-zero net leverage, Strategy has positioned itself with greater balance-sheet optionality heading into the remainder of 2026.
