$181M of MSTR ATM and zero STRC ATM funded this week’s balance-sheet move, per the 8-K, so this round leaned on common equity rather than the preferred-credit flywheel. The 1,550 BTC came in at $65,332, below Strategy’s $75,680 aggregate basis, but it only adds 18 bps to the stack. After last week’s 32 BTC sale to cover preferred distributions, the $1B cash reserve is what keeps the dividend stack from looking like a standing sell order on sats.

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