Strategy raised $334 million from MSTR shareholders last week — Bitcoin got none of it

Strategy (formerly MicroStrategy) directed all $333.7 million raised from common-stock sales last week toward preferred-stock obligations and cash reserves, extending a two-month shift that has prioritized STRC support over additional Bitcoin purchases.According to an Aug. 17 SEC filing, the company sold 3.45 million MSTR shares from Aug. 10 through Aug. 16, using $52.4 million of the proceeds for dividends on STRC, its Variable Rate Series A Perpetual Stretch preferred stock.The firm further revealed that it used $132.2 million to repurchase STRC shares, and $149.1 million to increase its US dollar reserve to $4.8 billion.Strategy bought or sold no Bitcoin during the period, leaving its holdings unchanged at 840,447 BTC. The firm acquired these holdings for $63.36 billion at an average price of $75,385 per coin.This move extends a broader reversal in the financing cycle that helped make Strategy the world’s largest corporate Bitcoin holder.The company has not increased its BTC holdings since June 21 and has sold nearly 7,000 Bitcoin over the past two months, while accumulating billions of dollars in cash and repurchasing about $347 million of STRC.That shift has coincided with a m...