Strategy Raises $2B, Parks Most in New 'USD Cash' Pool
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- Strategy raised $2.01 billion net selling 18,261,118 MSTR shares at an average of ~$109.88, roughly six times the $334 million it raised the prior week.
- Strategy created a new 'USD Cash' account holding $1.59 billion as of August 23, designated broadly for Bitcoin treasury purposes including acquisitions, preferred dividends and interest, and securities repurchases.
- USD Cash carries no restrictions unlike the existing $5.1 billion USD Reserve, with the filing saying it lets management move faster in response to 'dislocations in the markets for bitcoin or Strategy's securities.'
- Strategy deployed $136.4 million to repurchase 1,431,212 STRC preferred shares, leaving $516.6 million remaining of the $1 billion STRC buyback program announced June 29; a separate $1 billion MSTR authorization remains untouched.
- Strategy's Bitcoin holdings stayed at 840,447 BTC (purchased for $63.36 billion at an average of $75,385) — no buys since June and no sales for two straight weeks.
- Bitcoin's rally to ~$78,400 flipped Strategy's stack to roughly $65.9 billion in value, $2.6 billion above cost, versus $9.9 billion underwater a week earlier when BTC traded near $63,553.
Why it matters: Strategy parked $2B into an unrestricted pool explicitly available for Bitcoin buys while the company has paused BTC purchases for two months. The stack just flipped from $9.9B underwater to $2.6B above cost in seven days, meaning any future buy happens near a high-water mark — not a discount — which changes the optics of every dollar deployed.
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