Strategy raises $5.4B but barely buys bitcoin

Strategy raised $5.4 billion through new stock sales last quarter but deployed only $588 million of that capital into bitcoin, according to its 10-Q filing. The disclosure marks a sharp slowdown in the pace of purchases by the largest corporate BTC holder, which had built its treasury through aggressive equity-funded buying. The gap between capital raised and bitcoin acquired suggests the company is stockpiling cash rather than immediately converting proceeds into the asset. Investors will watch whether Strategy resumes large-scale purchases in coming quarters or continues to hold elevated cash balances relative to its bitcoin buying.