Strategy raised $466.7 million through common stock sales last week and added the proceeds to its dollar reserve, while making no Bitcoin purchases or sales for the second straight week.
Strategy Raises Cash Instead of Buying Bitcoin
Strategy disclosed in a July 13 SEC filing that it sold 4.82 million Class A common shares between July 6 and July 12 through its at-the-market equity program. The sales generated about $466.7 million in net proceeds.
The company said the cash was added to its U.S. dollar reserve, which now stands at about $3 billion. Strategy maintains the reserve to support dividend payments on preferred shares and interest payments on outstanding debt.
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The filing showed no Bitcoin purchases or sales during the period. Strategy’s Bitcoin holdings remained unchanged at 843,775 BTC, with an aggregate purchase cost of about $63.69 billion, including fees and expenses.
The company’s average Bitcoin purchase price remains $75,476 per BTC. Bitcoin recently traded near $62,800 after falling through the weekend, while MSTR shares dropped about 3% in premarket trading.
USD Reserve Grows After Recent BTC Sale
The cash raise came one week after Strategy sold 3,588 BTC for about $216 million under its updated capital-management framework. That sale drew attention because the company had built a long public image around long-term Bitcoin accumulation.
Strategy’s latest filing may reduce some concern that the prior BTC sale marked the start of regular disposals. Instead of selling more Bitcoin, the company used common stock issuance to increase its cash cushion.
The company’s preferred shares continue to trade below levels that make new issuance attractive, limiting one funding source Strategy had hoped could reduce its reliance on common equity.
All four preferred stock programs, STRF, STRC, STRK, and STRD, recorded no sales activity during the week. That leaves common stock as the company’s main source of fresh capital for now.
Michael Saylor said Strategy increased its USD Reserve by $450 million and held “₿843,775 in our BTC Reserves and $3.0 billion in our USD Reserves” as of July 12. His post matched the company’s latest update on Bitcoin and cash reserves.
Strategy Funding Model Remains in Focus
Strategy’s capital plan has shifted as investors question how the company will fund future Bitcoin purchases, preferred stock dividends, and debt payments. The company has expanded its financing tools, but its latest filing showed no new Bitcoin accumulation.
The move follows a wider debate over whether Strategy’s Bitcoin holdings are still mainly an accumulation asset or now serve as collateral for its preferred stock structure. Standard Chartered has argued that recent concerns around Strategy are more about communication than balance sheet weakness.
Geoffrey Kendrick, the bank’s head of digital assets research, said Bitcoin near current levels is a “screaming buy” and kept a $100,000 year-end 2026 target. He also said recent volatility tied to Strategy reflected confusion around the company’s new funding model.
MSTR has fallen nearly 40% this year, while Bitcoin is down almost 30%. The stock remains closely tied to Bitcoin’s price, but the latest cash raise shows Strategy is also using equity sales to support liquidity.
The next focus for investors will be whether Strategy resumes Bitcoin purchases, continues building its dollar reserve, or uses the cash buffer to support STRC dividends and debt payments.
