During the period from August 17 to August 23, 2026, the corporation Strategy refrained from any Bitcoin acquisition or sale operations, despite significant volatility and rising prices of the asset on the global market. Instead of expanding its cryptocurrency reserves, the company's management focused on strengthening the balance sheet and optimizing its capital structure. Under the at-the-market (ATM) equity offering program, the issuer sold 18.26 million of its own shares, generating net cash proceeds of $2 billion.
The proceeds were allocated to enhance the organization's financial stability. A significant portion of the amount — approximately $1.57 billion — was directed into a newly established USD Cash liquidity fund. An additional $300 million replenished the primary dollar reserve, while $136.4 million was used to buy back 1.43 million Class STRC shares. The creation of the USD Cash pool provides the company with a flexible instrument for servicing debt obligations, making preferred share payments, executing buyback programs, and financing future corporate initiatives. As of August 23, 2026, the organization's total dollar liquidity reached $6.69 billion, of which $5.10 billion is held in the primary reserve.
Meanwhile, Strategy's Bitcoin reserves remained unchanged at 840,447 coins. According to internal reporting, the total acquisition cost of these assets is estimated at $63.36 billion, resulting in an average entry price of $75,385 per coin. The recent rise in Bitcoin's market price has allowed the company to exit the zone of unrealized accounting losses on this portfolio.
Against the backdrop of Strategy's wait-and-see approach, another major corporate entity, BitMine, continued its systematic accumulation of an alternative digital asset. During the reporting week, the company acquired 32,447 Ether coins. According to BitMine CEO Tom Lee, this operation is part of a weekly treasury reserve-building strategy that has been in place since June 2025. The company currently controls approximately 4.8% of the total Ether supply, which is estimated at 120.7 million coins.
Commenting on the market dynamics, Tom Lee noted that the current phase of the digital asset market differs from previous cycles, which were historically driven by the boom in initial coin offerings (ICO) or non-fungible tokens (NFT). In his analytical assessment, current trends are being shaped by the integration of real-world asset tokenization technologies into traditional financial institutions, as well as the growing use of blockchain infrastructure by artificial intelligence agents. He also pointed to the influence of macroeconomic factors, including actions by finance ministries and treasuries in managing national debt, which traditionally facilitates a redistribution of liquidity into alternative asset classes. BitMine's management also expressed the view that the market ratio of Ether to Bitcoin capitalization could shift over the long term, based on these fundamental technological shifts.
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This material is prepared exclusively for informational purposes and does not constitute financial advice or a recommendation.