$BTC holdings at Strategy didn't budge - still 840,447 coins through mid-August. But the cash pile tells a different story: USD reserves jumped to 4.8B, funded by equity sales and preferred dividends.
They're not selling bitcoin to fund operations. They're selling stock. That's the playbook: keep the BTC, dilute shareholders, build a war chest. Smart capital allocation if you believe the asset outperforms the cost of capital.
At 64,179 USDT per coin, that stack is worth ~54B USDT. The 4.8B reserve is a 9% cash buffer - enough to weather volatility without touching the core position. Watch whether they resume buying when premium to NAV widens again.
$BTC