Strategy raised $333.7 million between August 10 and 16 by selling 3.46 million shares of its common stock through its at-the-market offering program — and once again put none of it toward buying bitcoin. The company's aggregate holdings stayed fixed at 840,447 BTC, acquired over time for $63.36 billion at an average price of $75,385 per coin, figures confirmed in Strategy's SEC filings.
Instead, the proceeds were split three ways: $132.2 million went toward repurchasing roughly 1.39 million shares of STRC, the company's variable-rate preferred stock; $52.4 million covered STRC's twice-monthly dividend payments; and $149.1 million was added to Strategy's U.S. dollar reserve, which closed the week at $4.80 billion. Executive Chairman Michael Saylor's company says that reserve now covers 2.8 years of its preferred-dividend and debt-interest obligations.
A Fifth Straight Week on the Sidelines
This is not an isolated pause. Strategy's last outright bitcoin purchase came during the week of June 15–21, when it bought 520 BTC for $35 million — meaning the company has now gone roughly five consecutive weeks without adding to its treasury, a stretch that follows outright bitcoin sales in late May, late June and early July. In late June, Saylor's company introduced what it calls the Digital Credit Capital Framework, which explicitly authorizes selling BTC to fund dividends, debt service and share repurchases, formalizing a shift that had already been underway in practice.
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The driver is cost, not conviction. Strategy's quarterly preferred-dividend obligations have surged from $49.1 million a year ago to $400.7 million now, leaving the company with little alternative to steady cash generation through equity sales — and, when needed, selective bitcoin sales — to keep those payments current. Bitcoin, once treated by Saylor as an untouchable reserve asset, now functions as one liquidity source among several.
Market Reaction Stays Muted
STRC itself traded at $94.67 in premarket activity Monday, down 0.12% after closing the prior session 1.03% lower, while MSTR shares gained 1.3% in premarket trading. Bitcoin traded near $63,500, up more than 1% over 24 hours. With $653 million still available under its preferred-stock repurchase authorization and $1 billion under its common-stock program, Strategy retains ample room to keep executing this capital-recycling strategy for months without needing to touch its core BTC position further.
