Strategy sold about 5.43 million shares of MSTR last week, raising $544.5 million.

It bought not a single BTC.
First, see where the money went.
As of July 26, Strategy holds 843,775 BTC, with a total cost of $63.69B, and an average buy price of $75,476. This week, the number of holdings has not changed.
Its dollar reserves increased from about $3.23B to $3.75 billion.
In addition, the company spent $25 million to repurchase 288,930 shares of STRC preferred stock, at an average repurchase price of about $86.52—below the $100 par value.
This set of actions is different from the past.
In the past, the standard process was:
Issue shares.
Raise dollars.
Buy BTC.
Increase the number of BTC corresponding to each share.
Now it has changed to:
Issue MSTR.
Raise dollars.
Top up cash reserves.
Repurchase discounted STRC.
BTC stays put.
Not buying BTC doesn’t mean the company is bearish on BTC. Strategy still holds more than 840 thousand BTC, and its exposure hasn’t decreased. Adding cash can also cover preferred dividends and debt interest, reducing near-term liquidity pressure.
But the priority of capital has changed.
Previously, the company allocated new capital first to BTC; now it goes first to cash reserves and capital structure. $840k in cash, according to the company’s estimates, can cover about 2.1 years of preferred dividends.
Why repurchase STRC?
STRC trades in the secondary market below par value. Repurchasing at $86.52 means the company uses a price below $100 to eliminate part of the securities that will otherwise require ongoing high dividends in the future.
This can make sense financially.
The issue is on the other side.
Strategy is selling common shares while repurchasing preferred shares. Common shareholders bear the dilution from the new shares, while preferred holders receive price support.
Who is paying to repair the capital structure is very clear on the books.
The facts that can be confirmed so far:
MSTR continues issuing.
BTC is not increasing.
Dollar reserves keep rising.
STRC begins repurchasing.
A “never-buy-no-BTC” company is learning to preserve cash first, then deal with liabilities.
This isn’t a collapse.
And it isn’t the original Strategy.
Let the numbers speak.