Strategy hasn’t bought Bitcoin for four weeks but has raised $730.2 million from common shares over the latest two.
Bitcoin treasury giant Strategy sold more than 2.7 million newly issued MSTR shares for $263.5 million last week while buying no Bitcoin, the company revealed in a Monday regulatory filing.
The latest sale follows the issuance of another 4.8 million shares for $466.7 million a week earlier. Together, Strategy raises $730.2 million from its common stock over two weeks without adding any Bitcoin.
“No bitcoin purchases were made this week,” the company said. It also sold no preferred shares and made no purchases under its share-buyback programs.
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Four Weeks Without a Bitcoin Buy
Strategy last added Bitcoin during the week ending June 21, when it bought 520 BTC▲$62,630.00 for about $35 million. It has now gone four consecutive weeks without another purchase.
Its holdings remain at 843,775 BTC, acquired for nearly $63.7 billion at an average price of $75,476 per BTC. During the pause, Strategy also sold 3,588 BTC for $216 million to pay preferred-stock distributions and refill its cash reserve.
The change follows Strategy’s new capital framework, a plan that allows it to move between issuing shares, selling Bitcoin and buying back its securities.
Cash Takes Priority
Following the latest move, Strategy’s dollar reserve rose to $3.2 billion from $3 billion a week earlier. The cash is set aside for dividends on its preferred shares and interest on its debt.
An at-the-market program allows Strategy to issue new shares directly into the market. That brings in cash but also dilutes existing common shareholders, and the latest sales don’t come with any additional Bitcoin.
Read more: Strategy Sells $467 Million in MSTR Stock — But Buys No Bitcoin
