MicroStrategy's Strategy Raises $2B via Equity Sales, Establishes $1.59B USD Cash Pool for Flexibility Amid Bitcoin Pause

MicroStrategy (now branded as Strategy), the largest public Bitcoin holder, raised approximately $2 billion last week through the sale of 18.26 million shares of common stock (MSTR) via its at-the-market (ATM) program, according to an Aug. 24 SEC filing. No Bitcoin was purchased or sold during the period Aug. 17-23, leaving holdings steady at 840,447 BTC acquired for $63.36 billion at an average of $75,385 per coin. The company has not bought BTC since the week ended June 22. Proceeds were allocated as follows: $136.4 million to repurchase 1.43 million shares of variable-rate preferred stock (STRC), $300 million added to the existing USD Reserve (now $5.1 billion), and the remaining ~$1.57 billion directed to a newly created 'USD Cash' liquidity pool, which stood at $1.59 billion as of Aug. 23. This brings total USD liquidity to $6.69 billion. The new pool enhances the Digital Credit Capital Framework, providing optionality for Bitcoin acquisitions, preferred dividends, debt servicing, stock repurchases, or reserve increases, per company statements and analyst commentary from Nansen. Shares and related securities rallied as Bitcoin approached $80,000, though the premium to NAV remains compressed compared to prior cycles, highlighting the dilution-flexibility trade-off for shareholders.