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 STRC variable-rate preferred shares, transferred $300 million to its USD Reserve and placed the remaining $1.5701 billion in USD Cash. Ending balances were $5.10 billion in the reserve and $1.59 billion in USD Cash, including expected proceeds from unsettled ATM share sales. Strategy held 840,447 BTC at an aggregate cost of $63.36 billion, or $75,385 per coin. The flexible cash pool may fund Bitcoin purchases, preferred dividends, debt interest, share repurchases, convertible-note transactions, reserve increases or other Bitcoin Treasury Company purposes, but the filing sets no Bitcoin-buying threshold. The share sale increased basic shares outstanding by an implied 4.59%, while remaining authorization included $516.6 million for preferred-security repurchases and $1 billion for MSTR repurchases. 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 those are guideposts rather than binding rules. With Bitcoin at about $78,780 on Aug. 26 and STRC at $97.15 on Aug. 25, the next deployment will indicate whether Strategy prioritizes Bitcoin, discounted securities, convertible debt or additional dollar-liquidity protection.