Strategy Raises Nearly $2B Through ATM Sales; Bitcoin Holdings Unchanged at 840,447 BTC

Strategy (MSTR) raised roughly $2 billion last week through at-the-market sales of its common stock and made no Bitcoin transactions during the period, according to an SEC filing dated Aug. 23. Between Aug. 17 and Aug. 23, the company sold about 18.26 million MSTR shares under its ATM program. Strategy largely held the proceeds in cash: $1.59 billion was placed into a newly established U.S. dollar cash account and $300 million was added to its existing U.S. dollar reserve. As of Aug. 23, total cash stood at $6.69 billion, comprised of $5.1 billion in the reserve and $1.59 billion in the new cash account. Strategy also used $136.4 million of the proceeds to repurchase about 1.43 million shares of its STRC perpetual preferred stock, known as "Stretch." No Bitcoin purchases or sales were reported for Aug. 17–23, leaving the company's Bitcoin treasury unchanged at 840,447 BTC. Those holdings were acquired for $63.36 billion in total, implying an average cost of $75,385 per BTC inclusive of fees and expenses. The cash build follows a push since June to strengthen dollar liquidity and reduce reliance on recurring Bitcoin sales to cover obligations. Management said the new $1.59 billion cash account expands flexibility to deploy capital across potential uses such as Bitcoin purchases, preferred stock dividends, debt payments, and repurchases of company securities, without committing funds to a fixed purpose or timeline. Recent capital activity includes the following milestones: In late June, Strategy held 847,363 BTC before adopting a broader capital framework for managing obligations using both Bitcoin and cash. From June 29 to July 5, it sold 3,588 BTC for about $216 million to fund distributions on Digital Credit securities and replenish cash, bringing its balance to 843,775 BTC. During July, a series of common-stock ATM raises increased the dollar reserve from roughly $1.44 billion (created in Dec. 2025) to $3.75 billion by July 26, including a $544.5 million raise from 5.43 million shares and other weekly sales. From Aug. 3 to Aug. 9, Strategy sold 1,690 BTC for about $108.6 million and used the proceeds to repurchase roughly 1.15 million STRC shares, reducing BTC holdings to 840,447. From Aug. 10 to Aug. 16, it raised $333.7 million from about 3.46 million MSTR shares, allocating $149.1 million to the dollar reserve, $132.2 million to STRC repurchases, and $52.4 million to STRC dividends. From Aug. 17 to Aug. 23, it completed the latest $2 billion ATM raise, directing $300 million to the reserve, $1.59 billion to the new cash account, and $136.4 million to STRC repurchases. STRC ("Stretch") is a perpetual preferred security with a $100 reference value and a variable dividend rate. Strategy has been adjusting dividends, drawing on cash reserves, and repurchasing STRC as part of its management approach. Over the past three weeks, the company repurchased about 3.97 million STRC shares, deploying hundreds of millions of dollars. CEO Phong Le has previously tied future Bitcoin accumulation to STRC's condition, with the company indicating it would resume issuing STRC and buying more Bitcoin once the security returns to its $100 par value. Under a capital framework adopted this summer, the board authorized a BTC Monetization Program permitting up to $1.25 billion of Bitcoin sales to help fund the dollar reserve. The framework also includes separate $1 billion repurchase authorizations for common stock and preferred securities, and it addresses flexibility around dividend and interest payments. For markets, the latest equity-funded cash build reduces the company's near-term need to sell Bitcoin to meet financing requirements, potentially limiting short-term selling pressure from Strategy's treasury while preserving the option to deploy funds into BTC, service preferred dividends, repurchase securities, or pay down debt. Items investors may watch next include disclosures on how and when the new $1.59 billion cash account is deployed, shifts in STRC pricing or dividend policy that could prompt renewed issuance or additional repurchases, and whether Strategy resumes Bitcoin buying as preferred securities stabilize or market conditions improve.