Strategy Builds $4.65 Billion Cash Reserve via Bitcoin and Stock Sales
The Nasdaq 100 company is divesting digital assets and issuing common shares to fund preferred stock buybacks and dividends.
Strategy, the Nasdaq 100 company formerly known as MicroStrategy, has established a U.S. dollar reserve of approximately $4.65 billion to meet its financial obligations. The company is funding this cushion through a combination of Bitcoin divestments and at-the-market offerings of its common shares (MSTR).
According to company filings, Strategy sold 1,690 BTC between August 3 and August 9, 2026, for $108.6 million at an average price of $64,262 per coin. This followed a previous sale of 1,638 BTC for $104.7 million between July 27 and August 2. In addition to these crypto sales, the company sold 6.59 million MSTR shares for $653.1 million, allocating $650 million of those proceeds specifically to its dollar reserve.
Strategic Shift and Financial Pressure
This liquidity push comes as the company navigates significant volatility in its primary asset. Strategy reported a net loss of $8.22 billion for the second quarter of 2026, a result of a markdown on its Bitcoin holdings. The company's total Bitcoin acquisition cost stands at $63.36 billion, including fees, with an average cost of $75,385 per BTC—a figure currently above the market price.
To reflect its evolving focus on Bitcoin and AI, the firm rebranded from MicroStrategy to Strategy on February 5, 2025. Despite the rebrand, the company remains the world's largest corporate Bitcoin holder, though its total holdings recently fell to 840,447 BTC following the August sales.
Managing Preferred Stock Obligations
The primary driver for these sales is the management of its Variable Rate Series A Perpetual Stretch Preferred Stock (STRC). Strategy used the $108.6 million generated from its most recent Bitcoin sales to repurchase 1,152,020 shares of STRC. By buying back these shares, the company reduces the number of shares entitled to future distributions.
As of August 2026, Strategy maintains a 12% annual dividend rate for STRC. The cash reserve is specifically intended to support these preferred-stock dividends and other interest payments. Market data indicates that STRC stock has seen a recovery, trading more than 30% above its June low by August 10, 2026.
Future Capital Outlook
Looking ahead, Strategy may seek further liquidity to maintain its treasury operations. The company announced a $21 billion MSTR common stock offering program on March 23, 2026, providing a mechanism to raise additional capital as it balances its aggressive Bitcoin treasury strategy with the need for operational cash flow. Investors will be watching whether the company continues to divest Bitcoin or returns to accumulation if market prices recover toward its $75,385 average cost basis.