Strategy Inc. (Nasdaq: MSTR) filed a Form 8-K with the U.S. Securities and Exchange Commission (SEC) on Aug. 17 stating that it made no bitcoin purchases or sales between Aug. 10 and Aug. 16. The SEC filing left holdings at 840,447 BTC, acquired for $63.36 billion at an average price of $75,385 per bitcoin, including fees and expenses.

The company sold 3,458,866 MSTR shares through its at-the-market program, producing $333.7 million in net proceeds. Strategy directed $149.1 million into its dollar reserve, spent $132.2 million repurchasing 1,388,720 STRC shares and used $52.4 million to fund dividends on the preferred stock.

Michael Saylor, Strategy’s executive chairman, shared in an Aug. 17 post on X:

“Strategy added $150M to its USD Reserve and repurchased $132M of STRC, extending USD Duration to 2.8 yrs (+41 days) … As of 8/16/26: 840,447 BTC Reserve; $4.8B USD Reserve.”

A bitcoin corporate treasury holds BTC as a balance-sheet reserve asset and can finance that position through stock sales, debt or preferred securities. Strategy’s structure also creates recurring dividend and interest obligations, making its dollar reserve a separate liquidity buffer rather than another measure of its bitcoin holdings.

STRC is Strategy’s Variable Rate Series A Perpetual Stretch Preferred Stock, which trades on Nasdaq under the STRC ticker. Strategy adjusts its annualized dividend rate monthly after reviewing market conditions, bitcoin volatility, reserve coverage and other factors. The company targets a trading range of approximately $99 to $100, although dividends require board declaration and are not guaranteed.

Strategy established its Digital Credit Capital Framework on June 29 with a $2.55 billion reserve and a minimum coverage policy. The reserve may support preferred-stock dividends and interest on outstanding debt, while other uses require board authorization. The framework also authorized as much as $1 billion in digital credit security repurchases.

The dollar balance had already reached a record $4.65 billion by Aug. 9 after expanding more than fivefold in approximately 2.5 months. Strategy then added another $149.1 million during the latest reporting period, lifting the total to $4.8 billion, including proceeds from unsettled MSTR share sales.

Saylor separately explained that Strategy calculated STRC’s BTC Credit through an internal model using an assumed 10% annual bitcoin return, 40% bitcoin volatility and a bitcoin price of $62,893. The calculation is a company-defined scenario based on selected inputs, not an external credit rating or an observed measure of STRC’s market performance.

Strategy repurchased 1,388,720 STRC shares for $132.2 million during the Aug. 10-16 period. The SEC filing said $653 million remained available under its digital credit securities repurchase program. The company previously identified STRC as its initial priority if management determines that repurchases are accretive and would strengthen the company’s capital structure. No MSTR common shares were repurchased, leaving the separate $1 billion authorization fully available.

The buyback followed Saylor’s disclosure that STRC recorded a 9% one-year return through Aug. 14, including cash dividends and distributions, while bitcoin declined 47%. STRC remains a variable-rate perpetual preferred stock whose dividends require board declaration and legally available funds.

The company’s capital decisions are also unfolding as Strategy opposes an MSCI eligibility proposal that could remove MSTR from global equity indexes. The consultation remains unresolved, with feedback due Sept. 30 and results expected by Oct. 16. Any adopted change would enter the November index review.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。