A company from Tysons Corner, Virginia, reported on Monday, August 24, that no Bitcoin transactions were made between August 17 and 23. Strategy maintained a holding of 840,447 $BTC, acquired for $63.36 billion (including fees and expenses), at an average purchase price of $75,385 per coin.
Strategy Slows Bitcoin Purchases Sharply
This period of inactivity stands out, as Strategy has for many years converted stocks, preferred securities, and debt obligations into a massive Bitcoin reserve. These 840,447 $BTC represent approximately 4% of Bitcoin's total supply, rigidly capped at 21 million coins, allowing a single public company to control a staggering share of the available market.
"Strategy increased its USD reserve to $5.10 billion, formed an additional $1.59 billion in USD cash, and repurchased $136 million worth of STRC," Saylor wrote in a post on X. "As of 08/23/26: Strategy owns ~4% of the total $BTC supply and has ~0% net credit leverage."
Instead of funneling fresh capital into Bitcoin, Strategy allocated a separate fund named "USD Cash." As of August 23, this account held $1.59 billion, while the existing USD reserve reached $5.10 billion, resulting in the company holding a total cash stockpile of $6.69 billion.
Saylor Amasses a '$6.69 Billion War Chest'
These two reserves are not interchangeable. Strategy's USD reserve is still earmarked for paying dividends on preferred shares and interest on outstanding debt. The USD Cash reserve is a more flexible tool that can be used for purchasing Bitcoin, repurchasing securities, redeeming convertible bonds, or replenishing the reserve itself.
"USD Cash strengthens our digital credit capital system and is separately designated for the company's general Bitcoin reserve management purposes, including acquiring $BTC, paying preferred share dividends and interest, repurchasing MSTR/preferred shares, redeeming convertible bonds, and increasing the USD reserve," Saylor stated on X.
The funds came directly through Strategy's "capital machine." Throughout the week, the company sold 18,261,118 shares of MSTR under its "at-the-market" program, receiving net proceeds of approximately $2.01 billion. From this amount, $300 million went to replenishing the USD reserve, $136.4 million went to repurchasing STRC shares, and the remainder was transferred to USD Cash.
Strategy Redirects Its Capital Resources to STRC
Over the same period, Strategy repurchased 1,431,212 shares of its variable-rate preferred STRC stock for $136.4 million. A further $516.6 million remains available for preferred share repurchases, while $1 billion is still approved for potential MSTR buybacks under programs announced on June 29.
Saylor stated that this maneuver strengthened STRC, noting that "the USD duration is now 3.9 years (+414 days), and the STRC credit spread versus $BTC is 59 basis points (-21 basis points)," based on assumptions including a Bitcoin price of $77,004. Putting aside the financial terminology, Strategy says the increased cash stockpile provides STRC with firmer financial backing and extends the period available dollars can cover obligations.
Strategy Prepares for Bitcoin's Next Move
Nothing in the reporting indicates that Strategy is abandoning its Bitcoin strategy. Bitcoin purchases are explicitly listed as a use for the USD Cash, and management states that the added flexibility allows for faster action in case of sharp swings in Bitcoin's price or in the securities of Strategy itself.
Now, all attention turns directly to this $1.59 billion stockpile. Strategy could direct these funds toward buying Bitcoin, supporting preferred securities, repurchasing MSTR shares, or simply holding them in reserve. After raising $2.01 billion while purchasing exactly zero Bitcoin, the next capital report must show whether this was merely a pause or if Saylor is intentionally holding billions in reserve.
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