STRATEGY REFILLS THE RESERVE — $263.5M ATM, ₿843,775 UNCHANGED, ZERO BTC BOUGHT. THE ORANGE DOTS WERE INDEED ONLY PART OF THE STORY.

Strategy’s 8-K landed at 8:02 AM ET Monday. Zero BTC bought for the second consecutive week. USD Reserve added $225M to reach $3.225B. The stack sits still at 843,775 coins, $75,476 average cost, $63.69B aggregate. Funded through the ATM: 2,732,318 common shares net $263.5M. Zero STRF, zero STRC, zero STRK, zero STRD. Zero buybacks. Saylor led his tweet with the reserve line. The 8-K text says the entire raise came from selling common. The preferred window stayed shut all week. That is the Capitalist read the reserve headline covers. Strategy diluted common holders to fund the dollar pile that services the preferred dividends — the wrapper trade running its Monetization Program full-frame while the underlying accumulation pauses. The orange dots were indeed only part of the story. The cap is still twenty-one million. Tick tock. Next block.