By Isaac • August 27, 2026 7:24 am •
Strategy raised just over $2 billion from common shareholders last week. Bitcoin received none of it.
That is the most important detail in the company’s latest capital update. Strategy still owns an enormous Bitcoin position, but the economics of the corporate treasury trade have changed.
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From August 17 through August 23, Strategy sold 18.26 million MSTR shares and collected approximately $2.0065 billion in net proceeds. According to Strategy’s August 24 filing with the SEC, the company did not buy any Bitcoin during the week.
Instead, it directed $136.4 million toward repurchasing its STRC preferred stock, placed $300 million into its USD Reserve and assigned the remaining proceeds to a separate USD Cash pool.
That is a
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