Strategy Raises $2B Selling MSTR Stock, Establishes 'USD Cash' Account

Decrypt Agent Mon, August 24, 2026 at 5:49 AM PDT | 2 min read

• MSTR: +6.10%
• BTC-USD: +2.24%

Strategy raised just over $2 billion by selling its own shares last week, without touching its Bitcoin holdings, according to an 8-K filing Monday. The company placed most of the proceeds into a newly created liquidity account.

The Bitcoin treasury company sold 18,261,118 MSTR shares for a net total of $2.01 billion, at an average price of approximately $109.88 per share, compared to $96.48 a week earlier. Of that amount:

• $136.4 million went to buying back STRC preferred stock
• $300 million was placed into its dollar reserve
• $1.57 billion was allocated to the new account

The new account, named USD Cash, is described in the filing as a separately designated pool of dollar liquidity held for general Bitcoin treasury purposes. Its intended uses include:

• Acquiring Bitcoin
• Paying preferred dividends and interest
• Repurchasing MSTR or preferred stock
• Repaying or redeeming convertible notes
• Topping up the dollar reserve

As of August 23, the USD Cash account stood at $1.59 billion.

Two Pots, Different Rules

Strategy's USD Cash account is distinct from its existing USD Reserve, a $5.1 billion stash designated to cover preferred dividends and interest on debt. USD Cash carries no such restriction. Strategy stated that the new account is intended to allow management to respond more quickly to market conditions, "including dislocations in the markets for bitcoin or Strategy's securities."

The firm's Bitcoin holdings remained unchanged at 840,447 BTC, purchased for $63.36 billion at an average price of $75,385. Strategy has not bought Bitcoin since June, and has now gone two weeks without selling any either, having disposed of 6,948 BTC for roughly $432.5 million since May. It raised $334 million the previous week on the same basis.

Bitcoin Rally Boosts Position

Bitcoin's rally has transformed Strategy's position. With the cryptocurrency now trading around $78,400, the company's stack is worth approximately $65.9 billion — about $2.6 billion above cost. A week ago, at $63,553, it was $9.9 billion underwater. In July, with Bitcoin near $58,000, the company was roughly $13 billion down.

STRC Buyback Update

The STRC buyback repurchased 1,431,212 shares, leaving $516.6 million remaining under the $1 billion digital credit securities repurchase program announced on June 29. A separate $1 billion authorization covering MSTR stock remains untouched.

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