Strategy’s Cash Buffer Hits $4.8B After $334M Sale, 840,447 BTC Left Untouched

Strategy raised $333.7 million last week by selling 3.46 million MSTR shares through its at-the-market program — and put none of it into Bitcoin. The company’s holdings stayed flat at 840,447 BTC, while its US dollar reserve climbed to $4.80 billion, according to a Monday 8-K filing with the SEC.

The proceeds were split three ways: $52.4 million covered the twice-monthly dividend on STRC preferred stock, $132.2 million funded the repurchase of about 1.39 million STRC shares, and $149.1 million went straight into the company’s cash reserve. No MSTR common stock or other preferred securities were bought back during the week.

Bitcoin stack frozen at 840,447 coins

Strategy reported zero Bitcoin purchases or sales for the Aug. 10–16 period. Its total position remains 840,447 BTC — roughly 4% of the fixed 21 million supply cap — acquired for an aggregate $63.36 billion including fees, at an average price of $75,385 per coin. At current market prices, the stack is valued around $53.3–53.4 billion, meaning the company is sitting on a paper loss versus its cost basis.

The freeze follows a week earlier in which Strategy sold 1,690 BTC, so the pause marks a return to holding rather than trimming. CEO Phong Le has indicated the firm still intends to resume outright Bitcoin purchases, possibly before year-end, though no timeline has been confirmed in the filings.

Cash reserve and STRC economics

Michael Saylor confirmed the numbers in a post on X, noting that the $150 million (rounded from $149.1 million) reserve addition, combined with the STRC buyback, extended the “USD Duration” — a measure of how long the cash reserve can cover preferred-stock obligations — to 2.8 years, up 41 days from the prior week. He also said the move tightened “STRC BTC Credit” to 114 basis points, a 4 basis-point improvement.

STRC shares closed Friday down 1.03% at $94.78 and slipped a further 0.12% in Monday premarket trading to $94.67, still trading below the security’s $100 par value. The dollar reserve — now at $4.80 billion as of Aug. 16, including proceeds from stock sales yet to settle — exists specifically to support preferred-dividend payments and interest on Strategy’s outstanding debt.

Why it matters

Strategy’s pattern of raising equity to fund preferred-stock obligations rather than expand its Bitcoin position signals a period of balance-sheet defense rather than aggressive accumulation. For MSTR and STRC holders, the growing cash buffer and lengthening duration reduce near-term default risk on dividend payments, but the unchanged BTC count means shareholders are not getting fresh exposure to the asset that underpins the company’s valuation. Any resumption of purchases — as Phong Le has suggested could come by year-end — would be the next signal markets watch for.

Read more: Strategy Raises $334M via MSTR Stock, Leaves 840,447 BTC Untouched

Sources

• theblock.co
• cointelegraph.com
• cryptopotato.com