MicroStrategy raised $3.28 billion in August by selling 31.3 million shares, but directed none of the proceeds to Bitcoin. The company now holds $6.69 billion in dollar reserves, divided between funds earmarked for dividends and debt interest and a more flexible USD Cash pool that can support future Bitcoin Treasury Company purposes. MicroStrategy last bought 520 BTC on June 22 at an average of $67,068 per coin. It has since sold 6,916 BTC, including 3,328 BTC in two August transactions near $64,000 each. Bitcoin later climbed 22% in seven days to about $78,457, while MicroStrategy’s average cost basis stood at $75,385. The company’s buying pause has therefore reached nine weeks. It also spent $458.4 million in August to repurchase 4.88 million STRC preferred shares, reducing future dividend obligations. STRC was issued in July 2025 to raise $2.47 billion, with Bitcoin purchases listed among the stated uses of proceeds; its dividend rate rose from 9% at launch to 12%, while the shares traded below their $100 face value. Saylor’s Bitcoin credit risk model highlighted the company’s financing pressures, although its shelf programs retain $44.9 billion of unused capacity across five securities. The next question is whether Bitcoin’s return above MicroStrategy’s cost basis will prompt the company to deploy some of its cash reserves into new purchases.