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In the past week
$MSTR
continued to raise $263.5 million in financing through common stock ATM (issued at market price). During this week, MSTR neither bought any Bitcoin nor sold any
$BTC
, and of course did not repurchase shares. All of these funds have been turned into cash reserves. Currently, MSTR holds $3.23B in cash reserves. Up to here, I don’t know whether any friends have noticed: after raising $263.5 million through ATMs, the strategic reserve funds only increased by $225 million—so where did the remaining $38.5 million go? I looked at MSTR’s latest filed K-8 data and it completely does not mention what this money was used for. Of course, this amount is only a small portion of this week’s ATM activity, and the K-8 form isn’t necessarily required to disclose all details of cash flow. I just find it rather curious what this portion of funds was used for.