Strategy just went a fourth straight week without buying a single Bitcoin. For years the pattern never changed. Raise money to buy Bitcoin and announce it Monday. Last week they raised $263 MILLION selling their own stock and bought none. The week before, $467 MILLION raised, and again none. It's all going into a cash pile instead, now sitting at $3.2 BILLION. That cash covers the $1.76 BILLION a year they owe in dividends and interest on their preferred shares. STRC, one of those preferred stocks, has been stuck near $87 against a $100 face value for weeks. Their Bitcoin is underwater too. They paid an average of $75,476 a coin. Last quarter they booked an $8.32 BILLION loss on the position. They're still raising money exactly the same way. It just isn't going into Bitcoin anymore.