✨️✨️ Strategy Stops Selling $BTC and Builds a $6.7B Liquidity Buffer

Strategy made no $BTC purchases or sales from Aug. 17–23, keeping its treasury unchanged at 840,447 $BTC, acquired for $63.36B at an average price of $75,385. The pause is notable because it follows four weeks in which the company sold a combined 6,916 BTC.

Instead of immediately recycling new capital into Bitcoin, Strategy sold 18.26M $MSTR shares for ~$2.01B. It used $300M to lift its restricted USD Reserve to $5.1B, spent $136.4M repurchasing $STRC, and created a separate $1.59B “USD Cash” pool.

That distinction is important. The $5.1B reserve is primarily designed to cover preferred dividends and debt interest. The new $1.59B pool is flexible capital that can be used for future $BTC purchases, debt repayment, preferred/common-stock buybacks or additional reserve funding. In effect, Strategy now has roughly $6.7B of designated dollar liquidity, but only the new pool is broadly deployable.

Meanwhile, BTC gained roughly 25% last week without Strategy buying a single coin, returning the company’s 840K+ BTC position to unrealized profit. Bernstein also notes that Strategy’s strengthened reserves now cover roughly 2.8 years of dividends and expects $BTC purchases could resume as $STRC recovers toward par. That creates a materially different setup from earlier in the summer:

Strategy is no longer supplying BTC to the rally, the market has proved it can advance without Strategy buying, and Strategy now has fresh liquidity available if it chooses to re-enter. This isn't simply a “Saylor stopped buying” story. Strategy has traded immediate accumulation for balance-sheet optionality while $BTC rallied without needing its bid.

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