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.

Those STRC repurchases were particularly expensive because MSTR shareholders overwhelmingly had to shoulder the burden of financing its repurchase.

Even though management pitched STRC as trading near a stable, $100 per share price, it actually dipped into the $70s and $80s for months.

As the above chart above illustrates, in Q3,Strategy spent the vast majority of its fundraises not on BTC but on STRC repurchases and preferred dividends to STRC shareholders, including stockpiling cash for those two latter purposes.

This chart includes all fundraises from every share class Strategy sells: MSTR common stock plus its preferred stocks STRC, STRK, STRF, STRD, and STRE.

For the majority of the five years, the bars are nearly solid orange. Then in 2026, other uses, especially STRC repurchases and dividends to preferred shareholders, dramatically displaced BTC.

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