MicroStrategy Bought US Dollar in August, Not Bitcoin

MicroStrategy raised $3.28 billion in August by selling shares of its own stock. Instead of using the proceeds to buy Bitcoin, the company allocated the cash to two U.S. dollar pools, increasing its total dollar holdings to $6.69 billion.

How the Funds Were Allocated

The company’s filings show that the $3.28 billion was split between:

• USD Reserve: grew from $4.0 billion to $5.10 billion, intended to cover dividends and debt interest.
• USD Cash: a newly created pool holding $1.59 billion, described as liquidity that may be used for future Bitcoin purchases, though none have been made to date.

Bitcoin Activity in the Same Period

MicroStrategy’s last Bitcoin purchase occurred on June 22, when it bought 520 BTC at about $67,068 each. Since then, the firm has sold 6,916 BTC and bought none. Two of those sales happened in August, moving 3,328 BTC at roughly $64,000 per coin. The company’s average Bitcoin cost remains around $75,385 per coin, while the market price rose to about $78,457 during the week.

Related Financial Moves

In July 2025, MicroStrategy issued preferred STRC shares, raising $2.47 billion with the stated intent to buy Bitcoin. The company has been repurchasing those STRC shares, spending $458.4 million in August to retire 4.88 million shares, partially funded by Bitcoin sales. The STRC shares pay a dividend that has risen from 9 % to 12 %.

Outlook

With Bitcoin now trading above the company’s average cost basis, analysts note that MicroStrategy could consider deploying part of its $6.69 billion dollar reserves for new Bitcoin purchases, though no commitment has been made.