Strategy’s Bitcoin metrics go negative amid $3.2B cash – sells 7.5M shares but buys 0 BTC for 4 weeks
Strategy sold $263.5 million of common stock last week and used most of the proceeds to build its dollar reserve, not to buy more Bitcoin. The reserve rose to $3.225 billion, enough to cover about 22 months of preferred dividends and interest, above the board’s 12-month minimum. No Bitcoin was purchased, extending the buying pause to four weeks, and holdings stayed at 843,775 BTC. The move appears aimed at strengthening support for its preferred-stock financing, especially STRC, which has traded below its $100 stated value. This has interrupted Strategy’s usual pattern of raising capital and quickly converting it into Bitcoin. As a result, quarter-to-date BTC Yield, BTC Gain, and BTC dollar gain turned negative, even though year-to-date metrics remain positive. The company’s share count has risen while its Bitcoin balance has not.
