MicroStrategy Establishes New 'USD Cash' Pool, Holds 840,447 Bitcoin

MicroStrategy Incorporated has established a new U.S. dollar liquidity pool to increase its strategic flexibility, according to a regulatory filing on August 24, 2026. The company also confirmed its bitcoin holdings stood at 840,447 BTC as of August 23.

New Liquidity Framework

In a filing with the U.S. Securities and Exchange Commission, MicroStrategy (MSTR) announced the creation of "USD Cash," a separately designated reserve of U.S. dollar liquidity. The company stated the pool is intended to give management more flexibility to respond to market conditions, including potential dislocations in bitcoin or securities markets.

As of August 23, the USD Cash balance was $1.59 billion. This is separate from the company's existing USD Reserve policy, which remains designated for preferred stock dividends and interest payments and held a balance of $5.10 billion. The company said the new pool could be deployed for purposes including:

• Acquiring additional bitcoin
• Paying preferred stock dividends and debt interest
• Repurchasing company stock
• Repaying convertible notes

Capital Allocation and Bitcoin Holdings

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The new cash pool was funded by recent at-the-market (ATM) stock sales. Between August 17 and August 23, MicroStrategy sold 18,261,118 shares of its Class A common stock, raising net proceeds of approximately $2.01 billion.

Of those proceeds, $300.0 million was added to the USD Reserve and the remainder was allocated to the new USD Cash account, after accounting for share repurchases. The company reported no bitcoin purchases or sales during the week. Its total holdings remain at 840,447 bitcoin, acquired for an aggregate price of approximately $63.36 billion, reflecting an average price of $75,385 per bitcoin.

Share Repurchase Activity

During the same period, MicroStrategy used $136.4 million from its ATM offering to repurchase 1,431,212 shares of its STRC preferred stock. As of the filing date, $516.6 million remained available under its Digital Credit Securities Repurchase Program.

A separate repurchase program for MSTR common stock has $1.0 billion remaining in authorization, according to the filing.