Strategy Inc. raised $653.1 million from common-stock sales and separately sold 1,690 Bitcoin for $108.6 million during the week ended August 9th, according to an August 10th regulatory filing.

The company sold 6,585,682 shares of MSTR through its at-the-market offering program. It allocated $650 million of the proceeds to its U.S. dollar reserve and added the remaining $3.1 million to its general cash balance. 

Strategy did not sell any STRF, STRC, STRK or STRD preferred shares during the period.

Strategy’s dollar reserve stood at $4.65 billion as of August 9th, including expected proceeds from stock sales that had not yet settled. 

The company maintains the reserve to support interest payments on its debt and dividends on its preferred stock.

The 1,690 Bitcoin were sold at an average price of $64,262, net of fees and expenses. 

Strategy used the entire $108.6 million in proceeds to repurchase 1,152,020 shares of its Variable Rate Series A Perpetual Stretch Preferred Stock, which trades as STRC.

Following the sale, Strategy held 840,447 Bitcoin acquired for an aggregate $63.36 billion, including fees and expenses. Its average acquisition cost was $75,385 per Bitcoin.

Strategy reported that the reserve increase extended its “USD Duration” by 143 days to 2.7 years. 

The company defines USD Duration as its dollar reserve divided by annualized interest and dividend obligations, assuming the funds are not used for other commitments.

The company also stated that STRC’s “BTC Credit” tightened by 10 basis points. Strategy calculated the measure using assumptions of a 10% annualized Bitcoin return, 40% Bitcoin volatility, and a Bitcoin price of $64,915.

BTC Credit and USD Duration are company-defined analytical measures. Strategy’s credit-page disclosure says BTC Credit is illustrative and is not a measure of financial performance or liquidity or a conventional credit rating.

After the latest transactions, Strategy had $785.2 million remaining under its preferred-stock repurchase authorization. 

It also retained $1 billion in authorization for MSTR repurchases and approximately $22.04 billion of capacity for additional MSTR issuance.