Strategy hoards cash at ten times the pace it buys Bitcoin, and that gap tells you everything

Strategy disclosed a 520-BTC purchase for $34.9 million on June 22, its third straight weekly acquisition, but the real headline is the $335.5 million ATM stock sale that funded it: less than 11 percent went to Bitcoin, the rest into a USD reserve now standing at $1.4 billion. With its position roughly $10 billion underwater and preferred stock obligations requiring a steady cash buffer, Saylor appears to be war-chesting as much as accumulating.