Strategy Inc. sold 3,458,866 shares of MSTR common stock through its at-the-market program during the week ended August 16th, generating approximately $333.7 million in net proceeds, according to an August 17th regulatory filing.

The company directed $149.1 million to its U.S. dollar reserve, bringing the balance to $4.8 billion, including proceeds from unsettled stock sales. Another $52.4 million funded STRC dividends.

Strategy used the remaining $132.2 million to repurchase 1,388,720 shares of its Variable Rate Series A Perpetual Stretch Preferred Stock, or STRC. The figures imply an average price of approximately $95.19 per share.

Founder and Executive Chairman Michael Saylor stated that the reserve now covers 2.8 years of preferred-stock dividends and debt-interest payments, extending that period by 41 days. 

He also reported that STRC’s “BTC Credit” declined four basis points to 114 basis points, or 1.14%.

BTC Credit is a company-defined estimate of the annualized spread needed to offset a modeled risk of insufficient Bitcoin-backed asset coverage. 

Strategy cautions that it is an illustrative calculation, not a credit-agency rating or a measure of financial performance or liquidity.

No Bitcoin was purchased or sold during the week. Strategy continued to hold 840,447 Bitcoin acquired for approximately $63.36 billion, or an average of $75,385 per Bitcoin including fees and expenses.

Following the transaction, $653 million remained under the preferred-stock repurchase authorization. A separate $1 billion authorization for MSTR common-stock buybacks remained unused.