Strategy directs 61% of $603 million stock sale to bitcoin

Strategy directed approximately 61.3% of the net proceeds from last week’s common-stock sales to bitcoin, resuming purchases while also financing preferred-share repurchases, dividends and additional cash.

The company sold 4,531,421 MSTR shares for $602.8 million of net proceeds from Aug. 24 through Aug. 30, according to a Form 8-K accepted by the Securities and Exchange Commission Monday morning. It used $369.7 million to acquire 4,603 BTC, lifting its reported holdings to 845,050 BTC.

The allocation matters for Tuesday’s market open because it shows Strategy’s at-the-market equity program serving several parts of its capital structure, rather than converting every new dollar into bitcoin. It also added exposure at a reported average cost above Tuesday morning’s bitcoin price.

One stock sale funded four uses

Coinburn calculates that the $369.7 million bitcoin allocation represented 61.3% of the reported net proceeds. Strategy used another $151.8 million, or 25.2%, to repurchase 1,557,177 shares of its variable-rate STRC preferred stock.

A further $50.7 million, or 8.4%, funded STRC dividends, while $30 million, or 5%, increased a flexible liquidity account the company calls USD Cash. The four disclosed amounts total $602.2 million, $600,000 less than the reported proceeds. The filing presents each dollar amount in rounded millions and does not separately reconcile that difference.

An at-the-market program allows an issuer to sell shares into the public market over time through designated sales agents. For existing common shareholders, issuance increases the share count and can dilute proportional ownership. Whether a particular issuance improves value per share depends on the sale prices, transaction costs, bitcoin prices and the effect of other capital allocations; the filing does not establish that outcome.

Strategy reported $19.09 billion of remaining MSTR issuance capacity as of Aug. 30. That is authorization capacity, not a commitment or forecast that the company will sell that amount.

Bitcoin holdings increase 0.55%

Strategy’s Aug. 24 filing reported 840,447 BTC and no purchase or sale during the preceding week. The new 4,603 BTC addition increased that balance by approximately 0.55%, according to Coinburn’s calculation.

The company said the latest purchases cost an average of $80,318 per BTC, including fees and expenses, over the Aug. 24–30 transaction window. That figure is an issuer-reported blended acquisition cost, not a spot-market close, volume-weighted benchmark or independently audited execution record.

Strategy’s aggregate holding of 845,050 BTC carried a reported acquisition cost of $63.73 billion and an average cost of $75,412 per BTC. The balance equals about 4.02% of bitcoin’s fixed 21 million maximum supply. That comparison uses the protocol’s eventual supply cap, not the smaller amount currently circulating.

The filing does not disclose purchase timestamps, trading venues, counterparties, individual execution prices, wallet addresses or custody movements. It therefore supports the company’s reported aggregate activity but cannot establish when or where each coin changed hands.

Tuesday’s price remained below the weekly average

Coinbase displayed a BTC/USD conversion price of $77,907.95 at 9:22 a.m. Eastern on Sept. 1. Coinburn calculates that the snapshot was approximately 3% below Strategy’s $80,318 purchase average.

That comparison does not demonstrate a realized loss. Strategy reported a multi-day blended cost, while Coinbase supplied a single-venue conversion snapshot after the acquisition window. Bitcoin trades continuously across venues without a universal closing auction, and Strategy had not reported selling the newly acquired coins.

The capital-allocation event ran from Aug. 24 through Aug. 30. The SEC accepted the filing at 8:00:15 a.m. Eastern on Aug. 31. The market observation occurred Sept. 1 at 9:22 a.m. Eastern, and Coinburn’s publication window is the Sept. 1 open. Future filings are needed to show whether Strategy continues buying, issues more common stock or redirects capital toward liquidity and preferred securities.