Strategy raised $333.7 million last week through the sale of common stock but did not buy additional bitcoin, it showed.

As of Aug. 17 local time, blockchain outlet Cointelegraph reported the company’s bitcoin holdings were unchanged at 840,447.

An 8-K filing with the U.S. Securities and Exchange Commission showed Strategy sold 3.46 million MSTR common shares from Aug. 10 to 16 through an at-the-market sale programme. The fundraising focused on cash outlays related to preferred stock and expanding dollar reserves rather than buying bitcoin.

Of the proceeds, $52.4 million was earmarked to fund twice-monthly dividends on STRC preferred stock, and $132.2 million was used to repurchase the same STRC preferred stock. It did not repurchase other preferred securities or MSTR common stock.

The remaining $149.1 million was added to dollar reserves. Strategy’s dollar reserves rose to $4.8 billion as of Aug. 16, including estimated proceeds from stock sales that had not yet settled. The company is holding the reserves to support preferred dividends and interest payments on existing debt.

There were no changes to its bitcoin operations. Strategy did not buy or sell bitcoin during the period, and the total acquisition cost of its 840,447 bitcoin holdings, including fees and expenses, was $63.36 billion. The average purchase price was calculated at $75,385 per coin.

The allocation is notable because Strategy did not immediately link fundraising through stock issuance to bitcoin purchases. The company has increased its bitcoin holdings aggressively by using funds raised in capital markets, but this time prioritised preferred dividends, repurchases and securing cash-like assets.

The expansion of dollar reserves is also interpreted as a move to secure a financial buffer. Regular cash outflows such as preferred dividends and debt interest continue regardless of bitcoin price fluctuations, and holding a certain level of cash can cover related costs without additional stock issuance or asset sales.

The filing shows Strategy is continuing to raise funds while allocating the use of proceeds to dividends, preferred stock repurchases and building cash-like reserves rather than expanding bitcoin holdings. As a result, the market’s focus is expected to be on when Strategy will again tie its larger dollar reserves to bitcoin purchases, or whether it will use them longer for preferred stock and debt management.