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HedgeCo.Net \u2014 Strategy Inc said in a Monday 8-K that it sold 18,261,118 shares of MSTR stock between August 17 and August 23 for $2,006.5 million of net proceeds, and that it has established \u201cUSD Cash,\u201d a separately designated dollar pool for general bitcoin-treasury purposes. As of August 23, USD Cash stood at $1.59 billion and the existing USD Reserve at $5.10 billion, both including ATM proceeds not yet settled. Cryptonomist, writing from the same disclosure, independently put the raise at $2.01 billion, the same 18.26 million shares, the same $1.59 billion USD Cash, and the same $5.10 billion USD Reserve. That $2,006.5 million is ATM equity. It is not a bitcoin purchase.<\/p>\n
The 8-K splits the proceeds. Of the MSTR sales, $136.4 million funded repurchases of STRC preferred stock, $300.0 million increased the USD Reserve, and the remaining net proceeds went into USD Cash. The company also reported it repurchased 1,431,212 STRC shares for $136.4 million in the same week. USD Reserve remains designated to support preferred dividends and interest on debt. USD Cash may be used to acquire bitcoin, pay dividends and interest, repurchase MSTR or preferred stock, repay convertibles, or top up the reserve. Optionality is not a purchase order.<\/p>\n
Bitcoin did not move. The 8-K\u2019s BTC table shows no purchases or sales in the week. Holdings stayed at 840,447 BTC, with an aggregate purchase price of $63.36 billion and an average of $75,385, inclusive of fees. Cryptonomist printed the same unchanged 840,447 BTC. Do not read a $1.59 billion cash pool as 1.59 billion of new coins. Do not add USD Cash and USD Reserve into a bitcoin AUM.<\/p>\n
This is a listed bitcoin-treasury corporate raising common equity, not a crypto hedge fund and not a spot-ETF creation. Allocators should mark $2,006.5 million as the ATM print, $1.59 billion as USD Cash, $5.10 billion as USD Reserve, and 840,447 BTC as the still book. Anyone treating USD Cash as a committed buy program is ahead of the 8-K, which lists bitcoin acquisition as one possible use among several.<\/p>\n
The second-order read is leverage and dividend cover being term-financed in dollars while the coin sits. Strategy has now gone a week raising more than $2 billion of stock without touching the treasury. The scarce object is whether that cash is a dry-powder bid or a coupon backstop.<\/p>\n","protected":false},"excerpt":{"rendered":"
HedgeCo.Net \u2014 Strategy Inc said in a Monday 8-K that it sold 18,261,118 shares of MSTR stock between August 17 and August 23 for $2,006.5 million of net proceeds, and that it has e\u2026 Continue reading