Strategy raises $5.4B but barely buys bitcoin

Michael Saylor’s Strategy diluted common shareholders by $5.4 billion worth of stock sales between July and September but bought just $588 million worth of BTC. This means that less than 11 cents from every $1 raised last quarter went towards buying BTC. Strategy says that when it wants to buy BTC, it goes to the “ATM,” its own term for at-the-market share sales that dilute shareholders. Because the company throws off minimal cash flow from operations, the corporation almost always sells stock to fund its purchases. The company has spent most of the past five years amassing more BTC on leverage, but last quarter, it backtracked. Indeed, the company sold 5,552 of its own BTC for $348.6 million, partly to fund dividends and partly to buy-back its STRC.

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