Strategy’s Bitcoin-Only Playbook Meets a Cash Reality
After selling 1,690 BTC and raising $653 million in stock, the world’s largest corporate bitcoin holder says its multibillion-dollar cash reserve is what shorter-term credit investors actually want.
What happened
Strategy sold 1,690 BTC for $108.6 million at an average price of $64,262, repurchased STRC preferred shares and raised another $653.1 million through MSTR sales. Its 10 August filing put the dollar reserve at $4.65 billion while its bitcoin holdings fell to 840,447 BTC.
Why it matters
The company is still built around bitcoin. But cash—not another coin purchase—is now carrying the promise that preferred dividends get paid through a long downturn.
Watch next
Whether the reserve grows again—and whether investors reward dividend security over a higher bitcoin-per-share figure.