ATM cashing out $460 million yet not buying coins—does Saylor want to keep cash to get through the winter?

According to SEC filings, Strategy last week carried out an ATM (issuance at market price) plan to sell approximately 4.82 million shares of MSTR stock, raising net proceeds of approximately $466.7 million. During the same period, Strategy did not make any Bitcoin purchases, and its holdings remained unchanged at 843,775 BTC; based on an average buy-in cost of $75,476, the total cost was approximately $63.69 billion. In addition, Strategy disclosed that the company did not conduct any stock repurchases between July 6 and July 12; as of July 12, its cash reserves were approximately $3 billion.