Strategy raised its USD reserve to $4.8 billion after selling roughly $333.7 million of MSTR common stock last week, while leaving its 840,447 Bitcoin treasury unchanged, according to an 8-K filing submitted to the US Securities and Exchange Commission on Monday.
The company sold 3,458,866 MSTR shares between Aug. 10 and Aug. 16. Rather than directing the proceeds toward additional Bitcoin purchases, as it has frequently done under its long-running treasury strategy, Strategy allocated the cash across preferred-share obligations, securities repurchases and its growing reserve.
The filing detailed three uses for the stock-sale proceeds: $52.4 million for dividends on STRC preferred stock, $132.2 million for STRC repurchases under the company’s Digital Credit Securities Repurchase Program, and $149.1 million to lift the USD reserve by nearly $150 million.
The move leaves Strategy with a much larger cash buffer while its Bitcoin position remains underwater on an accounting basis at the prices cited in the filing. The company reported an aggregate Bitcoin acquisition cost of about $63.4 billion, including fees and expenses, or an average of $75,385 per BTC. Its 840,447 BTC were valued at roughly $53.4 billion, implying close to $10 billion in unrealized losses.
Cash reserve becomes central to capital strategy
Strategy’s reserve is governed by its Digital Credit Capital Framework, which limits the use of the funds to preferred-stock dividends and interest payments. The framework also authorizes a $1 billion repurchase program for the company’s digital credit securities, initially focused on STRC.
The company has separately approved a $1 billion common-stock repurchase authorization and expanded its BTC Monetization Program. That program permits up to $5 billion in Bitcoin sales to support the reserve, dividend and interest obligations, and securities repurchases.
Those provisions give Strategy several ways to manage its capital structure without immediately relying on new equity issuance. The company has built a complex financing model around Bitcoin holdings, common stock and several preferred securities. The reserve provides liquidity for the fixed obligations attached to that structure, particularly during periods when issuing common stock may be less attractive or Bitcoin prices are weak.
Strategy did not explain in the filing whether the reserve increase was tied to a specific anticipated market event. Yet the cash build comes as index provider MSCI considers a methodology that could affect companies whose value is dominated by asset holdings rather than operating businesses.
MSCI proposal places treasury companies under review
MSCI has proposed a methodology designed to identify non-operating companies that may no longer qualify for inclusion in certain equity indexes. The proposal has drawn attention because it could apply to Bitcoin treasury companies including Strategy and Japan’s Metaplanet.
In a simulation using May 2026 data, MSCI said Strategy, Metaplanet and uranium-focused investment company Yellow Cake would be deleted from the MSCI ACWI Investable Market Index under the proposed approach. The firm said Sharplink, Center Laboratories and Lydia Holding would be placed on a public watchlist.
The proposal has implications beyond index labels. Companies included in major benchmarks are held by funds that track those indexes, meaning removal can create mechanical selling by passive products. Any eventual effect on Strategy’s stock would depend on MSCI’s final methodology, the indexes involved and the actual holdings of funds tracking them.
The public comment period for the proposal is scheduled to end Sept. 30, with a decision expected Oct. 16. If adopted, index changes would begin during MSCI’s November 2026 review cycle, according to the timeline described in the proposal.
For Strategy, the issue intersects directly with its business model. Its Bitcoin holdings represent about 4% of Bitcoin’s fixed 21 million supply cap, making the company by far the largest corporate holder. Its market valuation and financing capacity have consequently become tightly connected to Bitcoin prices, the premium or discount assigned to its shares, and demand for its preferred securities.
Bitcoin holdings remain unchanged despite price decline
Bitcoin was trading near $63,539 shortly after the filing, up about 1% over the preceding 24 hours, according to the market prices cited in the report. The asset had fallen around 3% over the previous week.
MSTR shares rose 1.3% in pre-market trading after the filing, following a 4.1% weekly decline. The stock closed Friday at $93.04.
Strategy’s decision not to buy more Bitcoin during the reporting period marks a pause rather than a reversal of its treasury approach. The company’s balance sheet remains overwhelmingly exposed to Bitcoin, but the latest transaction shows that managing liabilities and retaining cash have taken priority over adding to the BTC reserve in the short term.
Bitcoin Treasuries data lists 196 public companies that have adopted some form of Bitcoin acquisition strategy. After Strategy, the largest reported public-company holders are Twenty One with 43,514 BTC, Metaplanet with 43,000 BTC, MARA with 35,577 BTC, and Bitcoin Standard Treasury Company with 30,021 BTC.
The scale difference remains striking: Strategy holds more Bitcoin than those four companies combined. That concentration amplifies the effect of Strategy’s financing decisions on market perceptions of the corporate Bitcoin treasury model.
K33 Research reported that Norway’s sovereign wealth fund had indirect Bitcoin exposure equivalent to 11,549 BTC during the first half of the year. Strategy-related holdings accounted for 86% of that exposure, valued at approximately $622 million under the prices used by K33.
Strategy’s enlarged USD reserve now gives the company more capacity to meet preferred-security commitments and conduct authorized repurchases while it navigates pressure on its Bitcoin valuation, its stock price and potential changes to index eligibility.
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