According to its September 29 Form 8-K, Strategy Inc. (MSTR) raised $128.1 million through its at-the-market programs between September 22–28 but deployed just $22.1 million on 196 BTC. The bulk of proceeds are likely for preferred stock dividends which will be paid on September 30. As of September 28, Strategy’s aggregate bitcoin holdings stood at 640,031 BTC.

Get these headlines directly to your inbox: subscribe to Blockspace.

Strategy sold 101,713 shares of its 10.00% Series A perpetual “STRF” preferred stock and 5,000 shares of its 10.00% Series A perpetual “STRD” preferred, alongside 347,352 shares of common stock (MSTR), generating combined net proceeds of $11.3 million, $0.4 million and $116.4 million, respectively. Total ATM net proceeds reached $128.1 million.

In the same week, Strategy used proceeds from its STRF, STRD and MSTR ATMs to acquire only 196 BTC at an aggregate cost of $22.1 million (average price $113,048 per BTC).

Strategy’s ATM shelf capacity remains ample, with available issuance authorization totaling $46.4 billion across its preferred and common programs. 

Read More: Strategy logs its 80th Bitcoin purchase, adds 850 BTC after tapping STRF and MSTR ATM

At time of publication, MSTR is up 3.9% from yesterday’s close.