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Strategy pauses new Bitcoin buying after $2B stock sale

Strategy raised about $2 billion by selling 18.26 million MSTR shares via an ATM program and now has $6.69 billion total cash across its reserve and new US dollar account.

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Cointelegraph reports that Strategy, the largest public company holding Bitcoin, paused new Bitcoin purchases while maintaining its existing holdings of 840,447 BTC.

According to a Monday filing with the US Securities and Exchange Commission, the company sold 18.26 million MSTR shares between Aug. 17 and Aug. 23 through its at-the-market offering program, raising about $2 billion.

Strategy also repurchased about 1.43 million STRC preferred shares for $136.4 million, added $300 million to its US dollar reserve, and directed remaining proceeds to a newly launched US dollar cash account.

The company reported $5.1 billion in its reserve and $1.59 billion in the new cash account as of Sunday, for total cash of $6.69 billion, and said the new account gives management more flexibility to fund items including Bitcoin purchases, preferred-stock dividends, debt payments, and securities repurchases.

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