Saylor’s Strategy Adds $150M as BTC Buying Stays on Hold

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Strategy Inc added $150 million to its dollar reserve during the week of August 10 to August 16, according to a Form 8-K filed August 17, less than a quarter of the $650 million increase it reported the previous week. The company also repurchased $132.2 million of its Stretch preferred shares, ticker STRC, slightly more than the $109 million it bought back a week earlier.

Chief executive Michael Saylor said on X that the reserve now stands at $4.8 billion and that Strategy extended what it calls USD Duration by 41 days, to 2.8 years, and tightened STRC’s “BTC Credit” spread by 4 basis points, to 114 basis points. The week before, those same two measures moved by 143 days and 10 basis points.

The two weeks, side by side

Why the pace slowed

The slowdown traces to how much capital Strategy raised, not to any change in its formula. This week’s $333.7 million came entirely from selling 3,458,866 shares of Class A common stock on the open market, and the company split it three ways: $52.4 million covered STRC dividends, $132.2 million funded the repurchase, and $149.1 million went to the reserve.

Last week alone, the reserve increase and repurchase together already totaled at least $759 million, before counting whatever Strategy paid out in dividends that week. That means this week’s entire raise came in well under half of last week’s minimum, even though a larger share of this week’s smaller pot went specifically to buying back STRC.

• This week’s $333.7 million ATM sale funded 100% of the week’s activity: dividends, the STRC repurchase, and the reserve increase, with nothing left over.
• Remaining ATM capacity as of August 16: $17.5 billion for STRC, $21.7 billion for MSTR common stock, and smaller pools for STRF, STRK, and STRD.
• Remaining buyback capacity in the separate Digital Credit Securities Repurchase Program: $653 million.

Bitcoin holdings unchanged, second week running

Strategy held its bitcoin position flat for a second straight week. As of August 16 it reported 840,447 bitcoin, bought for $63.36 billion at an average price of $75,385 each, with no purchases or sales during the period. The company sold about 1,690 bitcoin for over $100 million in early August, the last time its holdings moved.

How the program got here

Strategy’s shares briefly traded below the value of its bitcoin holdings in late June, a threshold that appeared to trigger the shift away from funding bitcoin purchases with new stock sales.

• June 27, 2026: MSTR shares fall to roughly $81.8, pushing its market value below the value of its bitcoin holdings (mNAV under 1.0).
• June 29, 2026: Strategy announces the Digital Credit Capital Framework, pairing a USD Reserve Policy with STRC dividend policy and repurchase authorizations. 
• July 27, 2026: Strategy initiates STRC repurchases and announces an ongoing buyback policy.
• Early August 2026: Strategy sells about 1,690 bitcoin for over $100 million, the last change to its BTC holdings to date.
• August 9, 2026: Saylor reports USD Reserve up $650 million, STRC repurchase of $109 million, USD Duration extended 143 days to 2.7 years, BTC Credit tightened 10 bps. 
• August 17, 2026: This week’s filing: USD Reserve up $150 million, STRC repurchase of $132.2 million, USD Duration to 2.8 years, BTC Credit to 114 bps, bitcoin holdings unchanged at 840,447.

USD Duration and BTC Credit are figures Strategy defines and calculates itself. They appear consistently across the company’s own weekly posts.

Strategy still has $17.5 billion available to sell STRC shares under its at-the-market program and $653 million left in the pool set aside specifically for STRC buybacks. If next week’s ATM proceeds return to a level near or above last week’s implied minimum and the reserve, duration, and credit-spread metrics reaccelerate toward last week’s pace, that would support fundraising volume as the explanation for this week’s slowdown. If proceeds stay low but those metrics reaccelerate anyway, something else, such as a change in how proceeds are allocated, is driving it instead.