Strategy (NASDAQ: MSTR) reported no sales under its MSTR at-the-market (ATM) program for the week of September 8–14, the first pause since the company revised its equity-issuance framework in August. The 8-K filing shows zero MSTR shares sold during the period, with $16.11 billion of capacity remaining under the $21 billion common stock ATM.
On August 18, Strategy updated its MSTR Equity Guidance, stating that when the stock’s multiple on net asset value (mNAV) is below 2.5x it may tactically issue MSTR to pay interest on debt, fund preferred dividends, and “when otherwise deemed advantageous to the company.” On the Q2 earnings call, Strategy had committed to only issuing MSTR at an mNAV over 2.5x, or in the case of paying dividends and interest.
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Following that August revision, Strategy sold MSTR for three consecutive weeks. Between August 18–24, it sold 875,301 MSTR shares for $309.9 million in net proceeds and acquired 3,081 BTC for $356.9 million at an average price of $115,829.
In the next week, August 26–September 1, the company sold 1,237,000 MSTR shares, generating $425.3 million in net proceeds, and it bought 4,048 BTC for $449.3 million at an average price of $110,981.
For September 2–7, Strategy sold a further 591,606 MSTR shares for $200.5 million and purchased 1,955 BTC for $217.4 million at an average price of $111,196.
During the pause week of September 8–14 (last week), Strategy continued issuing preferred stock and acquired 525 BTC for $60.2 million at an average price of $114,562, bringing holdings to 638,985 BTC with an aggregate purchase cost of $47.23 billion.
In total, from the August 18 guidance change through September 7, Strategy sold 2,703,907 MSTR shares for approximately $935.7 million in net proceeds before halting common-stock issuance in the most recent week.
Read More: Strategy hikes STRC dividend to 10%, declares September payouts for all preferred series
At time of publication, MSTR is down 0.4% from Friday’s close.
