Strategy Pads Cash Reserve By $225M With MSTR Sale, Bitcoin Stash Remains Untouched

Strategy added $225 cardinal to its currency reserves past week—without selling a azygous Bitcoin.

According to the company's latest SEC filing, the Bitcoin treasury steadfast sold 2,732,318 shares of its MSTR communal banal betwixt July 13 and July 19, netting $263.5 cardinal done its at-the-market offering program—a mechanics that lets companies merchantability caller shares gradually into the unfastened marketplace without arranging a accepted banking deal. It mirrors the firm's actions past week, erstwhile it raised $466.7 cardinal done issuing communal stock.

The currency raised went straight into what Strategy calls its USD Reserve, a dedicated dollar money maintained specifically to wage dividends and screen indebtedness obligations. As of July 19, that reserve stands astatine $3.225 billion, per the form.

The radical astatine the beforehand of that outgo enactment are preferred shareholders—investors who bought 1 of Strategy's specialized dividend-paying securities similar STRC (Stretch), STRK (Strike), STRF (Strife), oregon STRD (Stride). Preferred shareholders are fundamentally income investors: they cod regular dividend payments alternatively than betting connected the banal terms going up, and they get paid earlier regular MSTR buyers. Common stockholders—the radical who clasp MSTR stock—collect whatever's near over.

Michael Saylor confirmed the update successful a tweet, penning that Strategy had "increased its USD Reserve by $225 million" and that the steadfast inactive holds its afloat 843,775 BTC stack—roughly 4% of Bitcoin's fixed 21-million-coin supply.

As the world's largest Bitcoin treasury company, Strategy seldom touches its BTC holdings. According to Bitbo's Bitcoin treasuries tracker, the steadfast has decreased its stack connected conscionable six occasions since 2020—three of which were successful 2026 alone.

The astir caller was a merchantability of 3,588 BTC for astir $216 cardinal betwixt precocious June and aboriginal July, made nether a ceremonial superior model the committee approved successful precocious June, which permits selling up to $1.25 cardinal successful BTC to apical disconnected its reserves.

This week, Strategy's BTC stash stayed untouched. The institution reached for shares instead—issuing caller MSTR stock, which dilutes existing communal stockholders (each caller stock issued means each existing stock represents a somewhat smaller portion of the company), to support the investors astatine the beforehand of the outgo line.

Peter Schiff, a celebrated golden advocator and longtime Bitcoin skeptic, didn't clasp back, penning that Strategy was "needlessly sacrificing communal shareholders to support preferred shareholders without selling Bitcoin." He suggested the institution whitethorn beryllium reluctant to merchantability BTC due to the fact that it fears the marketplace can't sorb a ample liquidation without cratering the price, which could arguably beryllium existent fixed the company's BTC treasury size.