Strategy Raises $2 Billion in MSTR Stock and Buys Exactly Zero Bitcoin

The company that made buying Bitcoin its entire personality just raised $2 billion and didn’t spend a dime of it on BTC. That’s not a typo. Strategy — the firm formerly known as MicroStrategy — sold 18.26 million shares of MSTR stock last week, pocketed roughly $2.01 billion, and then parked most of it in a brand-new cash reserve it’s calling the “USD Cash” pool. Let’s break down where the money actually went, why the Bitcoin buying spree hit pause, and what this shift could mean for the company’s future.

How Strategy Raised $2 Billion Through MSTR Stock Sales

Strategy sold 18.26 million shares of its common stock (MSTR) at a weighted average price of approximately $109.88 per share. That brought in about $2.01 billion in gross proceeds. If you’re unfamiliar with how this works, the company essentially issues new shares and sells them on the open market — diluting existing shareholders a bit, but raising cash without taking on debt.

Here’s where that $2 billion landed:

• $300 million went into Strategy’s existing USD Reserve, bringing that fund to roughly $5.1 billion.
• $136.4 million went toward buying back STRC preferred shares (more on that below).
• $1.59 billion flowed into a completely new bucket called the USD Cash pool.