Michael Saylor’s firm interrupts its bitcoin acquisitions and changes its priorities. Strategy did not purchase any BTC between August 17 and 23, ceasing with the usual cadence. This suspension does not constitute an absence of activity. The company continues to mobilize the equity markets with a view to considerably consolidating its liquidity. She thus chooses a new financial configuration, between cash reserve and bitcoin cash. This initiative could expand its intervention capacity during its upcoming operations.
In brief
- Between August 17 and 23, 2026, Strategy surprised the markets by completely freezing its Bitcoin acquisitions, leaving its treasury intact at 840,447 BTC.
- During this same period, the company raised a net $2.01 billion by selling more than 18 million MSTR shares on Wall Street.
- Rather than reinject this capital into the spot market, the firm orchestrated a vast financial rebalancing to bring its total dollar reserves to a record level of 6.69 billion.
- This strategic accumulation of cash allows Strategy to clean up its balance sheet, repurchase its own securities and provide itself with maximum flexibility to seize the next market opportunities.
Raising $2 billion on the markets to help freeze bitcoin purchases
While bitcoin quickly rose to $79,500 before returning to around $79,000, the brokerage activity of the largest institutional bitcoin holder has completely transformed over the past week. Indeed, the company carried out the issue then the transfer of 18,261,118 shares of MSTR common stock through its At-The-Market (ATM) program.
This operation allowed him to raise approximately $2.01 billion. However, the company has not made a single purchase of cryptos. Its bitcoin reserve remains intact. It is estimated at 840,447 BTC, acquired for a sum of $63.36 billion.
Through an official press release published on the social network He therefore declared : “Strategy increased its USD reserve to $5.10 billion, established additional USD cash of $1.59 billion and repurchased $136 million of STRC. As of August 23, 2026, Strategy holds approximately 4% of the total BTC supply and displays approximately 0% net leverage ».
The arbitration achieved thanks to this significant fundraising resulted in an equitable sharing of capital between strengthening of guarantees, redemptions of securities and accumulation of liquidity.
The precise breakdown of the total amount gleaned during the period is exactly as follows:
- Injections into the bond reserve: $300 million was paid directly to increase the “USD Reserve”;
- Preferred Stock Repurchases: $136.4 million was immediately dedicated to the market acquisition of 1,431,212 STRC variable rate preferred shares;
- The creation of a liquidity reserve: the entire balance of the fundraising was directed to initiate and furnish the new account “USD Cash”.
The creation of a two-tier liquidity reserve to secure Strategy’s balance sheet structure
This financial strategy completely reshapes the company’s treasury architecture, which now relies on an overall reserve of $6.69 billion divided into sections. Thus, the first category, a USD reserve in the amount of $5.10 billion, is essentially intended to cover debt service (payment of interest) and the payment of dividends relating to preferred shares.
As for the second part, it is linked to the new account “USD Cash”endowed with 1.59 billion dollars. This new account stands as a versatile and flexible instrument for better management of the company.
To legitimize this decisive and calculated segmentation, Michael Saylors indicated: “USD Cash strengthens our Digital Credit Capital Management Framework. It is specifically allocated for the general needs of our bitcoin treasury company, which includes the acquisition of BTC, the payment of preferential dividends and interest, the repurchase of MSTR shares or preferred shares, the repayment of convertible bonds, as well as the topping up of the USD reserve..
A strengthening of the credit profile and maximum optionality in the face of future volatilities
Thus, this reallocation instantly consolidates the risk profile of the shares issued by the company on an exclusively financial level. The redemptions carried out on the STRC security reduced the duration of this new account in USD to three years nine months, an extension of 414 days. Additionally, this strategy reduces STRC BTC Credit to 59 basis points (a decline of 21 bps), based on a modeled bitcoin price of $77,004.
In addition, the firm maintains ample room for maneuver for future interventions on its share capital, still having nearly $516.6 million authorized for the repurchase of its preferred shares and a billion dollars for potential acquisitions of MSTR common shares on behalf of the programs revealed on June 29.
By locking in an unlevered balance sheet and collecting $1.59 billion in free cash, Strategy is not abandoning its bitcoin cash flow model. However, she gives herself the opportunity to make choices. The company can therefore react immediately in the event of valuation defects thanks to this accumulation of liquidity, whether it is a sudden correction in the price of the main crypto or actively supporting its own financial tools on Wall Street.
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