According to a filing submitted to the U.S. SEC on Monday, Strategy last week raised more than $330 million by selling shares of common stock MSTR, but unlike usual, it did not use the funds to buy Bitcoin; instead, it turned to replenishing U.S. cash reserves, paying preferred stock dividends, and repurchasing shares.

Strategy stated that during the period from August 10 to 16, it sold 3,458,866 shares of MSTR, raising approximately $333.7 million in cash; of this, $52.4 million was used to pay dividends on STRC preferred shares, $132.2 million was invested in the “digital certificate securities repurchase program” to repurchase STRC, and another $149.1 million was used to bolster its cash reserves, bringing the total to about $4.8 billion.

Notably, in the same period, Strategy did not buy or sell any Bitcoin. Its holdings remained at 840,447 coins, worth about $53.4 billion. The cumulative investment cost (including fees and related expenses) reached $63.4 billion, and the average holding cost per Bitcoin was $75,385.

Although Strategy’s holdings account for 4% of the maximum Bitcoin total supply limit of 21 million coins, at the current price level, the company still carries unrealized losses of up to $10 billion on its books (paper losses).

After the announcement, the market reaction was muted. Bitcoin price moved sideways, with a slight rise of 1% to around $64,159 over the past 24 hours. MSTR, meanwhile, was up 1.3% in pre-market trading on U.S. equities.

Strategy and another Japanese listed company, Metaplanet, which has adopted a Bitcoin reserve strategy, are currently facing potential risks of being removed by index compiler MSCI.

According to the latest published consultation document, MSCI plans to adopt entirely new identification criteria for non-operating companies (i.e., companies whose business mainly relies on holding financial or crypto assets rather than on operating tangible business activities).

MSC I’s simulation test using May 2026 data shows that, if the new rules are approved, Strategy, Metaplanet, and uranium mining investment company Yellow Cake are likely to be removed from the MSCI Global Market Index (MSCI ACWI IMI); while Sharplink, Center Laboratories, and Lydia Holding would be added to the watchlist.

Affected by the news, Strategy’s share price fell more than 4.1% last week, and closed on Friday at $93.04.

"Sell shares to raise $330 million! Strategy pauses further Bitcoin purchases, and cash reserves surge to $4.8 billion"—the article was first published on (BlockBeats).