Strategy raised $334 million from MSTR shareholders last week — Bitcoin got none of it
Strategy used all $333.7 million raised from recent MSTR share sales to support its preferred-stock structure and cash reserves, not to buy Bitcoin. From Aug. 10-16, it sold 3.45 million MSTR shares and used $52.4 million for STRC dividends, $132.2 million to repurchase STRC, and $149.1 million to lift cash reserves to $4.8 billion. Bitcoin holdings stayed unchanged at 840,447 BTC, and the company has not added to BTC since June 21. The shift reflects a broader change in capital allocation: Strategy is prioritizing stabilizing STRC and building liquidity to support future credit issuance, even as MSTR has underperformed Bitcoin. Management says the goal remains increasing Bitcoin per share over time, but the firm may now hold more dollars, buy back preferred stock, and even sell Bitcoin if needed. It also faces potential MSCI index exclusion and possible passive selling pressure.
