MicroStrategy raised $3.28 billion in August by selling its own stock, but the company didn't put any of that money into Bitcoin. Instead, it bought dollars. The firm's USD Reserve grew from $4.0 billion to $5.10 billion last month, and it set up a separate pool called USD Cash holding $1.59 billion. Combined, MicroStrategy now holds $6.69 billion in cash equivalents.
The cash split
The two buckets serve different jobs. The USD Reserve is earmarked for covering dividends and debt interest. The new USD Cash pool is for future deployment under the Bitcoin Treasury Company mandate, which includes acquiring Bitcoin. So the money isn't parked forever — just sitting until the company decides to spend it.
A quiet Bitcoin exit
MicroStrategy last bought Bitcoin on June 22, when it picked up 520 coins at $67,068 each. Since then, it has sold 6,916 Bitcoin and bought none. In August alone, the company sold 3,328 Bitcoin near $64,000 per coin — well below the current market price. Bitcoin trades near $78,457 after a 22% climb in seven days. That means MicroStrategy sold into a rally, but also left a lot of upside on the table.
Its average cost per Bitcoin now stands at $75,385, meaning the recent rally has pushed the position slightly into profit. But the company's total Bitcoin holdings have shrunk.
Preferred share shuffle
MicroStrategy sold STRC preferred stock in July 2025, raising $2.47 billion with stated plans to buy Bitcoin. That preferred pays a 9% annual dividend at launch, now 12%, and trades below its $100 face value — a sign the market isn't thrilled with the terms. In August, MicroStrategy spent $458.4 million to buy back 4.88 million STRC shares, and it funded part of that by selling Bitcoin.
The move looks like an attempt to trim expensive preferred stock while the share price is depressed. But it also means the company is spending cash to support a security that pays a double-digit yield.
Room to run
MicroStrategy's shelf programs still hold $44.9 billion of unused capacity across five securities. That gives the company a lot of dry powder for future issuance, but the August pattern — sell stock, hold dollars, trim Bitcoin — suggests a more cautious posture.
As of August 23, MicroStrategy holds roughly 4% of all Bitcoin supply and carries about zero net leverage. It hasn't bought Bitcoin in more than two months, and the last purchase was a fraction of what it had been accumulating earlier. Whether the pause stretches into a longer retreat or just a breather before another big buy remains the open question.
