Strategy made no Bitcoin purchases or sales last week, according to an 8-K filed Monday, ending a run of weekly disposals that had funded its dividends and buybacks since June. Its stack stands at 840,447 BTC, unchanged, at an average purchase price of $75,385.

The Bitcoin treasury company instead raised $333.7 million net by selling 3,458,866 MSTR shares, at an average of about $96.48, down from $99.17 the week before. The filing splits the proceeds three ways: $52.4 million to pay dividends on its STRC preferred stock, $132.2 million to buy that stock back, and $149.1 million into its dollar reserve.

That buyback took in 1,388,720 STRC shares and leaves $653 million of the $1 billion Digital Credit Securities Repurchase Program announced on June 29. A separate $1 billion authorization covering MSTR stock remains untouched. The dollar reserve, which Strategy holds against preferred dividends and interest, reached $4.8 billion, up from $4.65 billion a week earlier.

The selling pauses

Strategy has sold 6,948 BTC for around $432.5 million since May, starting with 32 BTC in its first disposal since 2022 and running through three consecutive weekly sales in July and August. Last week's sale of 1,690 BTC raised $108.6 million, which went straight into buying back the same preferred stock that equity issuance covered this week.

Those disposals fall under a capital framework introduced in June that permits up to $1.25 billion of Bitcoin sales to fund dividends, interest, buybacks and the reserve. About $429 million of that capacity has been used, leaving roughly $820 million, and none of it was drawn last week.

The company has not bought Bitcoin since June either, and at around $63,500, where Bitcoin traded Monday, its holdings are worth about $53.4 billion against the $63.36 billion it paid, a shortfall of around $9.9 billion.