Shanaka Anslem Perera | 10th October 2026

Chain of Custody PRO, Issue 01. A monthly letter on bitcoin and crypto.

Strategy, the company formerly called MicroStrategy, raised $5.41 billion from new common shares in the third quarter and ended it with 1,666 more bitcoin than it held at the end of June. Its filings with the US Securities and Exchange Commission, the SEC, allocate 9.5 percent of the raise directly to bitcoin purchases. Other disclosed uses included a dollar reserve, cash, dividends and preferred-share buybacks.

The question for investors is what the financing left behind. For a shareholder, bitcoin per share is only part of the answer. Cash counts too, while debt and preferred shares have claims ahead of common stock.

The raise…