After the purchase you’d get a Download Access Code (25 digits) which you’d have to use within your Steinberg account in order to generate a “finalizing” activation code (32 digits), which needs to be written onto your eLicenser dongle’s Cubase Pro license (in eLicenser Control Center), and that dongle license has to be kept (never sold!) as long as you use the upgraded license for Cubase Pro 12 (things would only be different if you bought a full version license for Cubase Pro 12). Your newly acquired Cubase Pro 12 license (upgrade) will be visible within the new Licensing section of your Steinberg account. Your eLicenser USB dongle and its Cubase Pro 8.5 license need to be registered and visible in your Steinberg account.
The Cubase Pro 8.5 license which you have on your eLicenser USB Dongle will be marked as “used” for further upgrades, and your current license will be ID based (see your Steinberg web account). The only thing that you need to consider - apart from paying for the upgrade and making sure that your computer is up-to-date - is that beginning with Ciubase 12 (all versions) Steinberg’s new licensing system is being used. Only with Steinberg’s recent change towards the new licensing method a few things might look a bit more complicated: Yes, you can upgrade from Cubase Pro 8.5 to Cubase Pro 12.
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