Michael Saylor’s Strategy sold 3.46 million MSTR shares last week and increased its USD reserves by $150 million, while continuing to hold its Bitcoin position unchanged.

The company, formerly known as MicroStrategy, said it generated $333.7 million in net proceeds through its at-the-market (ATM) program after selling the shares. ATM programs allow a company to issue new equity into the open market gradually rather than through a single priced offering, giving Strategy a rolling channel for raising capital. Strategy made no Bitcoin purchases or sales between August 10 and August 16, leaving its holdings unchanged at 840,447 BTC — the largest Bitcoin treasury held by any publicly listed company. According to the company’s official press release, those Bitcoin holdings were acquired for $63.36 billion at an average purchase price of $75,385 per BTC.

Strategy said it used the proceeds from the share sale to repurchase $132.2 million of STRC shares, fund $52.4 million in STRC dividends, and add $149.1 million to its U.S. dollar reserve. The company said its USD reserve stood at $4.8 billion as of August 16, cash held alongside its Bitcoin holdings that can be drawn on for obligations such as the preferred dividends paid on instruments like STRC.

Strategy Continues STRC Buybacks

Over the past few weeks, Michael Saylor’s firm has been selling MSTR stock and buying back STRC preferred stock in an effort to bring STRC back toward its $100 peg. The company has said that the effort supports its policy of offering more than a 10% dividend yield. STRC is one of several preferred stock instruments Strategy has listed as part of the “Digital Credit” lineup Saylor references when describing tools designed for income, stability, and reduced downside risk.

With the latest $132 million in STRC repurchases, the STRC BTC credit tightened by 4 basis points to 114 basis points.

In a statement on X, Michael Saylor wrote:

“Over the past year, BTC fell 47%. Our Digital Credit instruments ranged from -27% to +9%, with STRC up 9%. Financial engineering can transform volatile Digital Capital into instruments designed for income, stability, and reduced downside risk”.

After falling to a low of $74 in June, STRC shares have recovered following the intervention by Saylor and Strategy management. Although the process involved selling MSTR stock, the buyback activity has helped move STRC closer to its $100 peg, easing investor concerns about the dividend yield. Strategy discloses its treasury activity weekly, so its next update will show whether the company resumes Bitcoin purchases or continues directing ATM proceeds toward STRC support and its dollar reserve.

Institutional Investors Add to MSTR Holdings

Institutional investors also appear to have increased their exposure to Strategy (MSTR) during the same period.

According to Bitcoin Treasuries, a tracker of Bitcoin-related corporate and institutional holdings, Morgan Stanley increased its stake by 44,440 shares, worth about $4.2 million. The firm now holds 9.33 million MSTR shares, valued at approximately $883.5 million.

Renaissance Technologies also bought an additional 422,881 MSTR shares, worth about $40.1 million. Its total position now stands at 2.55 million shares, valued at around $242.3 million, representing a 20% increase. The range of reported buyers — spanning a global bank and a quantitative hedge fund — reflects how MSTR has become a widely used proxy for Bitcoin exposure in U.S. equity markets.

Some reports also suggested that the National Bank of Canada doubled its stake in Strategy. Sources said the bank reportedly purchased 1.2 million MSTR shares worth $116 million.

Primary sources referenced in the article include Strategy’s official press release, along with posts on X from Michael Saylor and Bitcoin Treasuries.