Strategy Raises $2B, Sees No Change in Bitcoin Holdings

Strategy Inc., formerly MicroStrategy, has raised $2.01 billion through an at-the-market equity offering.

The company sold 18.26 million shares between August 17 and August 23 to establish a new 'USD Cash' liquidity pool, add $300 million to its USD Reserve, and buy back $136.4 million of preferred shares.

Strategy's Bitcoin holdings remained unchanged at 840,447 BTC, leaving some to wonder if this is not another Bitcoin accumulation announcement but rather a capital-structure and liquidity story.