Strategy (MSTR) Stock: Saylor Says Buybacks Not a Priority as Cash Reserve Reaches $4.8 Billion

TLDR

• Strategy raised $333.7 million through MSTR stock sales last week but bought zero Bitcoin
• Bitcoin holdings remain unchanged at 840,447 BTC, acquired at an average price of $75,385
• Michael Saylor said stock buybacks are not a priority, though he left the door open if MSTR trades at a deep discount to NAV
• Strategy now holds $4.8 billion in U.S. dollars to cover STRC dividends and debt obligations
• MSTR is down about 38% this year and 73% year-over-year

Strategy raised $333.7 million by selling 3.46 million MSTR common stock between August 10 and August 16, according to an 8-K filing with the SEC. Despite the fundraise, the company made no Bitcoin purchases during the period.

Strategy Inc, MSTR

Its Bitcoin holdings remain at 840,447 BTC, acquired for a total of $63.36 billion including fees, at an average price of $75,385 per coin.

Of the $333.7 million raised, $52.4 million went to fund twice-monthly STRC preferred stock dividends. Another $132.2 million was used to repurchase around 1.39 million STRC shares. The remaining $149.1 million was added to Strategy’s U.S. dollar reserve.

Strategy’s cash reserve now stands at $4.8 billion as of Sunday, including proceeds not yet settled.

Saylor on Buybacks

Executive Chairman Michael Saylor addressed the buyback question directly during a Monday Q&A. “It’s not a priority,” he said, but added that a buyback could happen “if MSTR is trading at a very, very deep discount to NAV.”

MSTR is down about 38% in 2026 and 73% year-over-year, hurt by Bitcoin’s decline and ongoing dilution from new share issuance. The stock gained about 5% on Monday.

CEO Phong Le pushed back on dilution concerns, arguing that selling new shares above NAV and buying Bitcoin with the proceeds can actually increase the amount of Bitcoin backing each share.

Strategy’s Focus: STRC and Cash

The recent drop in STRC shifted how Strategy manages its balance sheet. Le said the key lesson was maintaining enough cash to cover STRC’s dividend payments.

Saylor said Strategy intends to keep large cash balances going forward, giving the company flexibility to buy Bitcoin, repurchase stock or preferred shares, or pay down debt.

He also noted that flexibility now applies to Bitcoin itself. “We have to be able to sell bitcoin as well as buy bitcoin,” Saylor said.

On future Bitcoin purchases, Saylor explained that when BTC trades well above its 200-week moving average, Strategy may hold more cash. When Bitcoin is near or below that average, it may represent a buying opportunity.

STRC is designed to hold a stable price near $100 and pay dividends, not deliver capital gains. Strategy plans to sell more STRC above $100 and buy it back when it falls below that level.

STRC was down 0.12% in Monday premarket trading at $94.67, after closing Friday at $94.78.

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