MicroStrategy Bought $3.28 Billion of US Dollars in August, Not Bitcoin

MicroStrategy raised $3.28 billion in August by selling its own stock. It spent none of that money on Bitcoin (BTC).

The company bought dollars instead, and is poised to close the month with more cash, fewer coins, and a heavier dividend bill.

What MicroStrategy Did With the Money Instead of Bitcoin

Four weekly filings show that MicroStrategy sold 31.3 million shares so far across August. Not one dollar became Bitcoin.

The cash went into two piles:

That is $6.69 billion sitting in dollars. The reserve has one job, which is covering dividends and debt interest. USD Cash is far looser.

"a separately designated pool of U.S. dollar liquidity that the Company may retain for future deployment for general Bitcoin Treasury Company purposes, which may include acquiring Bitcoin..." the latest Strategy filing says.

So the option to buy is funded and written down. The company simply has not used it.

The Selling Started in June and Never Stopped

MicroStrategy last bought Bitcoin on June 22. It took 520 coins at $67,068 each.

Since that day it has sold 6,916 coins and bought none. Two of those sales fell in August, moving 3,328 BTC near $64,000 a piece.

Now check the timing. Bitcoin trades near $78,457 after a 22% climb in seven days, according to BeInCrypto data. Strategy's average cost is $75,385 a coin.