Michael Saylor's Strategy raised $466.7M through at-the-market stock sales last week, lifting its USD reserve to $3B — but it bought no new Bitcoin, leaving its stack untouched at 843,775 BTC across the period.

The cash cushion is earmarked for dividends on its preferred stock and interest on its debt, as the firm's once-relentless BTC accumulation pauses. It underscores a shift in Strategy's playbook: after years of relentless buying, Saylor's Bitcoin machine has downshifted to raising and holding cash.