SAYLOR ADDS $525M CASH, NOT ONE SAT — THE TREASURY GOES DIVIDEND-FORTRESS MODE INTO EARNINGS.

Strategy raised $544.5M via the ATM on common last week and bought zero Bitcoin with it. The stack sits at 843,775 BTC for the fifth straight week without an add. The cash went two places: $25M into buying back STRC to defend the preferred yield floor, and the balance into the reserve — which now sits at $3.75B, or roughly 2.1 years of preferred dividend coverage at current run-rate. The Capitalist read: this is the Digital Credit Capital Framework working exactly as designed. When the cost of common equity favors accumulation, you stack. When the preferred stack needs defense, you defend. Saylor is doing the second because thursday’s Q2 print will be read through the preferred lens — STRC yield coverage, STRK conversion optionality, dividend runway — and the ATM that funds every future Bitcoin buy depends on that read holding. Not selling. Not weakness. Cash tier working. Stack expansion resumes when the balance sheet doesn’t need a hedge under it.