Between July and September, Strategy raised $5.4 billion through share sales but used only $588 million to buy bitcoin, or less than 11 cents for every dollar raised. The company also sold 5,552 BTC for $348.6 million, partly to fund dividends and repurchases of its STRC preferred shares. In the third quarter of 2026, it bought 7,218 BTC, but its net increase in holdings amounted to only 1,666 coins. The share of funds raised used to purchase bitcoin has fallen sharply, dropping below 11% in the latest quarter, compared with more than 94% in the preceding quarter.
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