CoinDesk
Strategy (MSTR) lifted its U.S. dollar reserve by $466.7 million last week to roughly $3 billion, the company disclosed in a Monday regulatory filing. The fresh cash came through its at-the-market common-stock program and is earmarked to keep dividend payments on the preferred stock and interest on outstanding debt flowing on schedule.
The bitcoin stack was untouched. Holdings sit unchanged at 843,775 BTC, accumulated at an average cost of $75,476 per coin and an aggregate purchase price of about $63.69 billion including fees and expenses. No buys, no sells.
Why it matters
The capital raise without a corresponding bitcoin buy is a small but useful data point for anyone modeling the Strategy flywheel. The company now holds nearly $3 billion in dry powder on the balance sheet, separate from the BTC treasury itself, and has not deployed it into BTC during a week when bitcoin slid through the weekend toward $62,800.
That separation matters because the preferred-share dividend and convertible-debt service are denominated in dollars, not in satoshis. A larger USD reserve extends the runway on those obligations and reduces pressure to issue new equity at depressed MSTR prices just to meet commitments.
Market impact
MSTR was down about 3% in pre-market trading, tracking the bitcoin weekend move rather than reacting to the treasury disclosure itself. With 843,775 BTC on the books and a fresh $467M in the dollar reserve, Strategy retains both the largest corporate BTC position and a meaningful cushion above its near-term dollar-denominated liabilities. What to watch next: whether the next at-the-market tranche adds to the bitcoin stack or stays parked in cash.
Frequently asked questions
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How much bitcoin does Strategy hold after this update?
Strategy's holdings remain unchanged at 843,775 BTC, accumulated at an average price of about $75,476 per coin, according to the company's Monday filing.
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Where did the $467M come from?
The cash came from sales of common stock through Strategy's at-the-market equity program and is earmarked to support preferred-stock dividends and interest on outstanding debt.
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What is Strategy's USD reserve used for?
The dollar reserve backs dollar-denominated obligations: dividend payments on Strategy's preferred stock and interest on its outstanding debt, not bitcoin purchases.
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Did Strategy buy or sell bitcoin last week?
Strategy made no bitcoin purchases or sales during the period, leaving the treasury stack flat at 843,775 BTC despite raising fresh equity capital.
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How did MSTR shares react to the filing?
MSTR was down about 3% in pre-market trading, tracking bitcoin's slide through the weekend toward $62,800 rather than reacting to the treasury disclosure itself.
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