Strateji, Bitcoin Arzının % 4 'ünü Elinde Tutarken 6,69Milyar $ Nakit Savaş Sandığı Oluşturuyor

Strategy Builds $6.69B Cash War Chest While Holding 4% of Bitcoin Supply

Giuseppe Ciccomascolo

Tue, August 25, 2026 at 1:33 PM GMT+3 4 min read

• MSTR +2.83%
• BTC-USD +0.98%

Key Takeaways

• Strategy holds roughly 4% of Bitcoin's maximum supply, acquired at an average price of $75,385.

• Michael Saylor's company bought no Bitcoin last week despite raising approximately $2.01 billion through MSTR share sales.

• The new cash pool can fund future Bitcoin purchases, security buybacks, dividends, interest payments, or debt repayments.

Strategy raised approximately $2 billion last week but bought no additional Bitcoin, marking a notable shift for a company known for rapidly converting fresh capital into cryptocurrency.

Instead, Michael Saylor's Bitcoin treasury firm increased its combined dollar liquidity to $6.69 billion and repurchased $136.4 million of its STRC preferred stock.

The move gives Strategy greater flexibility to respond to volatility in Bitcoin and its own securities.

As of Aug. 23, Strategy held 840,447 BTC, equivalent to roughly 4% of Bitcoin's maximum supply of 21 million. The company acquired those coins for $63.36 billion at an average price of $75,385 per BTC.

With Bitcoin recently trading around $78,000 to $79,000, Strategy's holdings have returned to an unrealized profit of approximately $2.4 billion to $3 billion.

Strategy Pauses Bitcoin Purchases

Strategy did not buy or sell any Bitcoin between Aug. 17 and Aug. 23. The pause stands out because the company has repeatedly used common stock, preferred securities, and convertible debt to expand its BTC holdings.

However, the decision does not necessarily signal a retreat from its Bitcoin strategy. Saylor said the company now holds around 4% of the total BTC supply while operating with approximately zero net leverage.

Strategy raised roughly $2.01 billion by selling 18.26 million MSTR shares through its at-the-market program.

Rather than investing the proceeds entirely in Bitcoin, it allocated $300 million to its existing USD Reserve, used $136.4 million for STRC repurchases and placed the remaining $1.59 billion into a new USD Cash pool.

The share issuance provides significant liquidity but also dilutes existing MSTR shareholders, an ongoing trade-off within Strategy's capital-raising model.

Cash Reserve Reaches $6.69 Billion

Strategy's USD Reserve now stands at $5.10 billion. Combined with the new $1.59 billion cash pool, the company controls $6.69 billion in dollar liquidity.

The two pools serve different purposes. Strategy primarily reserves the $5.10 billion for preferred-stock dividends and interest payments. The additional USD Cash carries a broader mandate.

According to Saylor, the company can use it to acquire Bitcoin, repurchase MSTR or preferred shares, repay convertible notes, cover dividends and interest, or increase the USD Reserve.

That flexibility could allow Strategy to wait for more attractive Bitcoin prices instead of deploying capital immediately.

It could also help the company support its securities during periods of market stress.

Strategy has another $516.6 million available for preferred-stock repurchases and retains authorization to repurchase up to $1 billion of MSTR stock.

Strategy Gains Options, but Investors Face Dilution

Strategy's latest move suggests its playbook is evolving from automatically converting new capital into Bitcoin toward maintaining liquidity and choosing when to deploy it.

The company still has enormous exposure to Bitcoin. A sustained move above its $75,385 average purchase price could improve the value of its holdings and strengthen investor confidence in MSTR.

A sharp decline below that level, however, would increase pressure on both Strategy's balance sheet and its shares.

Holding billions in cash gives Saylor several options during that volatility. Strategy could buy a major Bitcoin correction, repurchase discounted securities, or preserve liquidity if financial conditions deteriorate.

Nevertheless, the strategy carries risks. Continued MSTR issuance can reduce existing shareholders' ownership, while the stock remains a volatile proxy for Bitcoin rather than a conventional software investment.

Strategy's decision to pause purchases therefore looks less like an abandonment of Bitcoin and more like preparation.

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