Strategy, the Bitcoin treasury company formerly known as MicroStrategy, raised $2.0065 billion by selling 18,261,118 MSTR common shares from Aug. 17 through Aug. 23, while making no Bitcoin purchases or sales. It used $136.4 million to repurchase 1,431,212 shares of STRC, a variable-rate preferred stock, transferred $300 million to its USD Reserve and placed $1.5701 billion into USD Cash. Strategy’s Aug. 24 filing reported $5.10 billion in the reserve and $1.59 billion in USD Cash, including expected proceeds from unsettled ATM share sales. The company held 840,447 BTC at an aggregate cost of $63.36 billion, or an average $75,385 per coin. The USD Reserve is designated for preferred dividends and debt interest, while USD Cash can support Bitcoin purchases, those obligations, share repurchases, convertible-note actions, reserve increases or similar Bitcoin Treasury Company purposes. The issuance increased basic shares outstanding by an implied 4.59%, based on 415.929 million shares reported on Aug. 23 and an estimated pre-week count of 397.668 million; the calculation is not a GAAP diluted-earnings measure. The transactions left Strategy with $516.6 million of preferred-security repurchase authorization and $1 billion of MSTR repurchase authorization. STRC closed at $97.15 on Aug. 25 and was quoted at $97.10 after hours, about 2.9% below its $100 stated amount. Management has cited STRC prices of $95 or $90 as possible support levels and said it would consider MSTR repurchases at a sufficiently deep discount to net asset value, but disclosed no binding thresholds or Bitcoin buying trigger. With Bitcoin at about $78,780 on Aug. 26, the next deployment of the $1.59 billion will indicate whether management prioritizes Bitcoin, discounted securities, convertible debt or dollar-obligation protection.