Strategy completed a $2 billion sale of MSTR shares last week and deployed the proceeds entirely to cash reserves rather than bitcoin purchases, according to a filing with the SEC dated August 24.
The company placed $1.59 billion into a newly established USD Cash account and added $300 million to its existing USD Reserve, bringing that account to $5.1 billion. Strategy now holds combined USD liquidity of roughly $6.7 billion. The company said the funds could support future bitcoin acquisitions and other treasury operations.
Strategy maintains a bitcoin position of 840,447 BTC, purchased at an aggregate cost basis of $63.36 billion according to the filing. The market value of that holding has fluctuated; at recent prices the position would exceed $65 billion.
The move marks a tactical shift for Strategy, which has been aggressive in acquiring bitcoin since 2020. The company has funded previous purchases through equity raises, debt issuance, and opportunistic stock sales timed to market conditions. Strategy is accumulating cash reserves rather than deploying capital to bitcoin at current price levels.
Strategy's USD liquidity now totals $6.7 billion, making it one of the largest non-financial corporate cash positions in the crypto-connected sector. The scale of the reserve relative to Strategy's total treasury assets, cash and bitcoin combined worth roughly $70 billion, means the company holds dry powder equal to roughly 9.5 percent of its total asset base.
The company's bitcoin holdings remain the largest single corporate position globally. No other publicly listed firm holds anywhere close to Strategy's 840,447 BTC, and any large bitcoin sale or acquisition by Strategy typically moves market prices among institutional holders.
Strategy has issued no timeline for deploying its cash reserves. The number that decides whether this strategy works is whether Strategy begins bitcoin purchases again before the end of 2026.
