Strategy, the company once known as MicroStrategy, raised $2.0065 billion by selling common stock from Aug. 17 through Aug. 23 — and didn't spend any of it on Bitcoin. Instead, it bought back preferred shares, shifted $300 million into its reserve, and parked the rest as cash. The move leaves the company with $1.59 billion in USD cash and a $5.1 billion reserve, giving it room to maneuver without locking into new coin at current prices.
How the share sale went
Strategy sold 18,261,118 shares of MSTR common stock during the week. The average net proceeds came to roughly $109.88 per share. That issuance pushed the basic share count up 4.59%, from about 397.7 million to 415.9 million shares outstanding. It's a modest dilution, but the trade-off is a bigger war chest.
Where the money went
The company used $136.4 million to repurchase 1,431,212 shares of its STRC preferred stock, and moved $300 million into its USD Reserve. That left $1.5701 billion in USD cash, which sits separate from the reserve. After all the moves, the reserve held $5.10 billion and the cash balance was $1.59 billion, including unsettled ATM proceeds.
No new Bitcoin this week
Strategy's Bitcoin holdings are unchanged: 840,447 BTC, bought at an average cost of $75,385 per coin. The company didn't buy or sell any last week. Bitcoin was trading near $78,780 on Aug. 26, which sits comfortably above that average acquisition price. The position is in the black, but the pause signals a different appetite this week.
The optionality, not a commitment
The $1.59 billion cash pile isn't a promise to buy Bitcoin. Management has said it might repurchase STRC preferred shares if they trade at $95 or $90, and it would consider buying back MSTR common stock at a deep enough discount to net asset value. Those are guideposts, not binding rules. There's no disclosed price trigger that would force a Bitcoin purchase. So the company is sitting on dry powder, and the market will have to wait to see how it uses it.
