Michael Saylor’s firm has spent years accumulating Bitcoin with borrowed money, a strategy that made Strategy Inc. look either visionary or reckless depending on the week. Now, for the first time in that era, the company’s cash position nearly cancels out its entire debt load.
As of August 23, 2026, Strategy held roughly $6.7 billion in total cash and reserves against approximately $6.7 billion in convertible debt, pushing net leverage to approximately zero percent.
How the math got there
The company sold around $2 billion worth of MSTR shares in the week leading up to the announcement, boosting its USD reserve to $5.1 billion and adding $1.59 billion in separate cash holdings. That single capital raise did most of the heavy lifting on the leverage reduction.
What 840,000 BTC looks like on a balance sheet
