Saylor's Strategy Launches 'USD Cash' Pool After $2 Billion Raise, No BTC Buys

Michael Saylor’s Strategy, the world’s largest public company holding Bitcoin, raised about $2 billion through common stock sales last week while making no new Bitcoin purchases.The Bitcoin treasury company sold 18.26 million MSTR shares between Aug. 17 and Aug. 23 through its at-the-market (ATM) offering program, according to a Monday filing with the SEC, adding a new pool of cash to its balance-sheet toolkit as part of an effort to preserve flexibility.Strategy repurchased about 1.43 million of its STRC preferred shares for $136.4 million, added $300 million to its US dollar reserve and directed the remaining proceeds to a newly launched US dollar cash account.“The new USD Cash pool gives Strategy more time and optionality, but it does not remove those underlying obligations,” said Nicolai Sondergaard, a senior research analyst at Nansen.The newly established USD Cash pool, which currently holds $1.59 billion, will sit alongside its existing reserve (which stands at $5.1 billion reserves) bringing total cash to $6.69 billion...Strategy said the new cash account gives management more flexibility to respond to market conditions and can fund purposes including Bitcoin purchases, preferred-stock dividends, debt payments and securities repurchases.USD Cash enhances our Digital Credit Capital Framework, and is separately designated for general Bitcoin Treasury Company purposes, including acquiring BTC, paying preferred dividends & interest, repurchasing MSTR/preferred stock, repaying converts, and increasing USD Reserve. — Michael Saylor (@saylor) August 24, 2026As CoinTelegraph reports, the company made no Bitcoin purchases or sales during the week, leaving its holdings at 840,447 BTC, acquired for $63.36 billion at an average price of $75,385 per Bitcoin.Strategy hasn’t bought Bitcoin since the seven days ended June 22.“For MSTR shareholders, the trade-off is dilution in exchange for flexibility,” Sondergaard concluded.“The latest equity issuance strengthened the balance sheet, but did not immediately increase Bitcoin-per-share exposure.”Strategy’s shares and debt securities rallied last week as Bitcoin ran toward $80,000, but the financing flywheel remains impaired, with its valuation premium still well below earlier-cycle levels.