Strategy Inc. just gave itself a $6.69 billion cash cushion, and it didn’t sell a single satoshi to get there.
The company formerly known as MicroStrategy sold approximately 18.26 million shares of its Class A common stock between August 17 and 23, raising roughly $2 billion in net proceeds through an at-the-market offering. The bulk of that capital, around $1.59 billion, went into a newly created “USD Cash” liquidity pool designed to give the firm significantly more financial flexibility than its existing restricted reserves allow.
Where the money went
The $2 billion raise got sliced three ways. The largest portion funded the new USD Cash pool. Another $300 million topped up the company’s existing USD Reserve, pushing that balance to $5.1 billion. And $136.4 million went toward repurchasing 1.43 million shares of its Variable Rate Series A Perpetual Stretch Preferred Stock, ticker STRC.
The distinction between the two cash pools matters. The USD Reserve is essentially earmarked money, secured primarily for preferred stock dividends and debt interest payments under the Digital Credit Capital Framework that Strategy established in June 2026.
