MicroStrategy Bitcoin strategy and USD Cash pot amid BTC rally: the Strategy holds 840,447 Bitcoin with an average purchase price of $75,385. At a Bitcoin price near $78,400 the holdings are valued at about $65.89 billion, producing an unrealized gain of approximately $2.53 billion. The company also maintains a designated USD Cash pot within its broader dollar reserves, and the recent rally driven by ETF flows shifted the position from red to green, as of Aug 23, USD Cash stood at $1.59 billion alongside a USD Reserve of $5.10 billion.
MicroStrategy holds 840,447 Bitcoin purchased at an average cost of $75,385 per coin. With Bitcoin trading around $78,400, those holdings are valued at about $65.89 billion. The cost basis for the position is roughly $63.36 billion, yielding an unrealized gain of approximately $2.53 billion, or about 4%. Those holdings represent approximately 4% of the total Bitcoin supply.
Over the past six weeks the valuation swung by roughly $15.5 billion. Since May, the Strategy sold 6,948 BTC for about $432.5 million, including 1,690 BTC sold for roughly $109 million in the week ending Aug. 9. The Strategy has not purchased any Bitcoin since June and has gone two weeks without selling any either. The position has benefited from Bitcoin ETF flows and a rally that shifted the company from red to green.
Since May the Strategy sold 6,948 BTC for about $432.5 million, including 1,690 BTC sold for $109 million in the week ending Aug. 9. The company raised about $334 million by selling MSTR shares. Proceeds from the MSTR sales were used for STRC buybacks, dividends, and a dollar reserve. Those actions have left the company with total cash on hand of around $6.7 billion.
Under the STRC repurchase program the Strategy has bought back 1,431,212 STRC shares, leaving $516.6 million available under the $1 billion plan. As of Aug. 23 the Strategy’s USD Cash stood at $1.59 billion and the USD Reserve was $5.10 billion. The Strategy described USD Cash as a separately designated pool of dollar liquidity for broad Bitcoin treasury purposes, including acquiring Bitcoin, paying preferred dividends and interest, repurchasing MSTR or STRC, repaying or redeeming convertible notes, and topping up the dollar reserve. The company has not bought Bitcoin since June and has paused selling for two weeks.
The USD Cash pot stands at $1.59 billion and the USD Reserve at $5.10 billion, maintained as separate pools of dollar liquidity. The company describes USD Cash as a separately designated pool for general Bitcoin treasury purposes, while the USD Reserve serves as a broader dollar reserve. USD Cash is structured to support a range of treasury activities tied to the Bitcoin strategy. The separate designation differentiates USD Cash from the reserve to allow targeted deployment of liquidity.
“USD Cash carries no such restriction, and Strategy said it is intended to let management move faster in response to market conditions, including dislocations in the markets for bitcoin or Strategy’s securities.”
“The list of those purposes is broad: acquiring Bitcoin, paying preferred dividends and interest, repurchasing MSTR or preferred stock, repaying or redeeming convertible notes, and topping up the dollar reserve.” Strategy holds about 4% of the total Bitcoin supply. The USD Cash pot and USD Reserve are managed as distinct liquidity pools available for the purposes described.
MicroStrategy’s Bitcoin treasury strategy centers on holding a very large Bitcoin position as a core corporate asset while using public-market transactions to manage its capital structure through selective sales and repurchases. In recent months management has executed Bitcoin sales and equity transactions alongside a significant repurchase program, and it has maintained separately designated dollar liquidity pools to provide ready funding for treasury activities and shareholder distributions. Amid the recent Bitcoin price rally, that mix of sizable crypto exposure, active buyback activity and distinct USD Cash and USD Reserve pools leaves the company with both meaningful cryptocurrency holdings and a reserve of dollar liquidity for strategic treasury deployment.
