Michael Saylor's Strategy sold about $2 billion of its own MSTR shares last week, 18,261,118 shares between Aug 17 and 23, yet made no bitcoin purchases, a notable pause for the largest corporate holder of the asset.

The proceeds were split three ways: $136.4 million went to buy back STRC preferred stock, $300 million lifted the company's USD reserve to $5.1 billion, and the remaining $1.59 billion seeded a brand-new "USD Cash" liquidity account. Strategy describes USD Cash as a separately designated dollar pool it can later deploy for general treasury purposes, including buying bitcoin, paying preferred dividends and interest, or repurchasing its stock and notes.

Its bitcoin position is unchanged at 840,447 BTC, worth about $65.8 billion and bought for roughly $63.4 billion at an average $75,385, leaving around $2.4 billion in unrealized gains. The stack now equals close to 4% of bitcoin's 21 million supply cap.

The pause stands out because Strategy spent much of 2025 and 2026 buying nearly every dip. MSTR trades at a 74% discount to its 2025 peak with enterprise mNAV near 1.0, so building a cash buffer instead of adding coins reads as a more defensive posture. Shares ticked up 1.3% pre-market on the filing.

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