Strategy 8-K

Summary

Digital Credit Capital Framework update with weekly bitcoin, ATM and repurchase activity. Strategy created USD Cash, a flexible liquidity pool for general bitcoin-treasury purposes, while leaving the USD Reserve policy unchanged. The added flexibility is intended to help management respond faster to market conditions, including dislocations in bitcoin or Strategy securities.

Key Figures

• As of 8/23/2026, USD Reserve was $5.10B and USD Cash was $1.59B; both balances include expected ATM proceeds from shares not yet settled.
• ATM sales for 8/17–8/23/2026: 18.3M MSTR shares sold for $2.01B net proceeds. No preferred shares were sold. Available for issuance and sale: STRF $1.62B, STRC $17.5B, STRK $2.1B, STRD $4.01B and MSTR $19.7B.
• Bitcoin holdings were 840,000 BTC, with an aggregate purchase price of $63.4B and an average purchase price of $75,400 per BTC; no bitcoin was bought or sold during the week.
• Strategy repurchased 1.43M STRC preferred shares for $136.4M, funded by MSTR ATM proceeds. Remaining repurchase capacity: $516.6M for preferred stock and $1.0B for MSTR stock. Of MSTR ATM proceeds, $300M went to USD Reserve; the remaining proceeds increased USD Cash.

Investor Takeaways

• Future dashboard updates can show whether Strategy deploys USD Cash and how bitcoin holdings, ATM sales and repurchases change.