Strategy sold 18.26 million shares of MSTR last week, raising $2.0 billion. It didn’t buy a single BTC.
Where did the money go?
$300 million went to USD Reserve, $136 million back to buy repurchase STRC, and the remaining $1.59 billion went into a new USD pool.
Since June 22, Strategy hasn’t bought any more crypto. BTC rose from 58,000 to 80,000, and it perfectly missed the move.
The market interpretation is: first protect the capital structure, then wait for the opportunity. After all, in June it sold BTC to buy back preferred shares, keeping its credit strong near the cost line.
But that also means the MSTR “issue new shares → buy crypto → increase BTC per share” flywheel is temporarily on pause.
If the next $1.59 billion starts moving, is that a signal of renewed attack—or just propping up the market?
Do you think MSTR is still worth holding?
Where did the money go?
$300 million went to USD Reserve, $136 million back to buy repurchase STRC, and the remaining $1.59 billion went into a new USD pool.
Since June 22, Strategy hasn’t bought any more crypto. BTC rose from 58,000 to 80,000, and it perfectly missed the move.
The market interpretation is: first protect the capital structure, then wait for the opportunity. After all, in June it sold BTC to buy back preferred shares, keeping its credit strong near the cost line.
But that also means the MSTR “issue new shares → buy crypto → increase BTC per share” flywheel is temporarily on pause.
If the next $1.59 billion starts moving, is that a signal of renewed attack—or just propping up the market?
Do you think MSTR is still worth holding?