Strategy raises $5.4B but barely buys bitcoin

Michael Saylor’s Strategy diluted common shareholders by $5.4 billion worth of stock sales between July and September but bought just $588 million worth of BTC. This means that less than 11 cents from every $1 raised last quarter went towards buying BTC. Strategy says that when it wants to buy BTC, it goes to the “ATM,” its own term for at-the-market share sales that dilute shareholders. Because the company throws off minimal cash flow from operations, the corporation almost always sells stock to fund its purchases.