Core Insights - Strategy has paused its MSTR at-the-market (ATM) program for the week of September 8–14, marking the first halt since the equity-issuance framework was revised in August, with $16.11 billion capacity remaining under the $21 billion ATM program [1][5] Group 1: Equity Issuance and Sales - Following the August 18 update, Strategy sold MSTR shares for three consecutive weeks, generating approximately $935.7 million in net proceeds before the recent pause [5] - During the week of August 18–24, the company sold 875,301 MSTR shares for $309.9 million and acquired 3,081 BTC for $356.9 million at an average price of $115,829 [3] - In the week of August 26–September 1, Strategy sold 1,237,000 MSTR shares, generating $425.3 million in net proceeds, and purchased 4,048 BTC for $449.3 million at an average price of $110,981 [3] - For the week of September 2–7, the company sold 591,606 MSTR shares for $200.5 million and acquired 1,955 BTC for $217.4 million at an average price of $111,196 [4] Group 2: Strategic Guidance and Financial Management - The company updated its MSTR Equity Guidance on August 18, stating it may issue MSTR tactically when the stock's multiple on net asset value (mNAV) is below 2.5x to pay interest on debt and fund preferred dividends [2] - Strategy committed to issuing MSTR only when mNAV exceeds 2.5x or for paying dividends and interest [2] - During the pause week, Strategy continued issuing preferred stock and acquired 525 BTC for $60.2 million at an average price of $114,562, bringing total BTC holdings to 638,985 with an aggregate purchase cost of $47.23 billion [4]