Strategy discloses $5.02 billion USD Reserve balance in 8-K

Strategy Inc filed an 8-K on Monday, September 28, 2026 disclosing weekly activity across its at-the-market stock program, bitcoin purchases and share buybacks. The filing shows the company drew on stock-sale proceeds rather than its dollar reserve to fund both bitcoin acquisitions and preferred-stock repurchases during the week ended September 27, 2026.

• USD Reserve balance stood at $5.02 billion and USD Cash at $1.00 billion as of Sept. 27, 2026
• $142.7 million in MSTR stock-sale proceeds funded bitcoin purchases during the week
• $723.5 million remains available under the preferred-stock repurchase program, $1.0 billion under the MSTR buyback program

• $5.02B USD Reserve balance as of Sept. 27, 2026
• $142.7M stock-sale proceeds used for bitcoin purchases
• $103.5M proceeds used to buy back STRC preferred stock
• $48.1M USD Cash spent on STRC repurchases, Sept. 21-27

Strategy Inc filed the 8-K under Item 7.01, its routine Regulation FD disclosure covering the ATM offering, bitcoin purchase activity and buyback programs for its Strife, Stretch, Strike and Stride preferred series plus its Class A common stock. The filing states that during the period from September 21, 2026 to September 27, 2026, “Strategy used $48.1 million of USD Cash to fund repurchases of STRC Stock” and “$22.1 million of the USD Reserve to fund the payment of dividends on its preferred stock.”

Stock sales, not the reserve, paid for bitcoin

The filing draws a sharp line between the company’s two cash pools. The USD Reserve, per the document, “is intended to support the payment of dividends on Strategy’s preferred stock and interest on its outstanding indebtedness,” while USD Cash is kept for broader deployment including bitcoin purchases and capital management.

The week’s bitcoin buying was funded entirely outside both pools. A footnote states “$142.7 million in net proceeds from MSTR Stock sales were used to fund bitcoin purchases and $103.5 million in net proceeds from MSTR Stock sales were used to fund repurchases of STRC Stock under the digital credit securities repurchase program.” That leaves the $5.02 billion reserve and $1.00 billion cash balance largely intact for dividend and interest obligations rather than for accumulation.

Buyback capacity is shrinking on a fixed clock

Strategy disclosed $723.5 million remaining under its digital credit securities repurchase program for preferred stock and $1.0 billion remaining under its MSTR stock repurchase program. The $723.5 million balance reflects the week’s combined $48.1 million and $103.5 million in STRC repurchases, while the $1.0 billion MSTR buyback balance is a separate program that was not affected by those repurchases.

“As of September 27, 2026, the balances of the USD Reserve and USD Cash were $5.02 billion and $1.00 billion, respectively.”

Strategy Inc, Form 8-K

The BlockWest read. Strategy is now funding bitcoin purchases and preferred buybacks entirely from fresh equity issuance while ring-fencing its dollar reserve for coupon and dividend service. That split protects preferred holders’ cash flows from bitcoin-price volatility, but it means every dollar of accumulation still depends on the ATM market absorbing new MSTR shares at a pace management is willing to sell into.

The filing does not disclose total bitcoin holdings, the number of shares sold under the ATM this week, or an average purchase price, so investors will need Strategy’s next weekly 8-K, expected around Oct. 5, 2026, to see whether the reserve and cash balances move and whether the preferred buyback pace continues.

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