Strategy raised $263.5 million through MSTR stock sales, increasing its USD Reserve to $3.225 billion while keeping its 843,775 Bitcoin in Treasury.
Michael Saylor's Strategy just raised another $263.5 million, and not a dollar of it went into Bitcoin. For the second straight week, the world's largest corporate Bitcoin holder sold its own stock instead, lifting its cash reserve to $3.225 billion while the BTC stack sat untouched at 843,775 coins.
According to its latest SEC filing, the company sold 2,732,318 MSTR shares between 13 and 19 July, generating $263.5 million in net proceeds through its at-the-market (ATM) equity program.
Parts of the crypto crowd were disappointed by what was missing: no Bitcoin buys. The market shrugged anyway, with MSTR rising 5.06% on Monday to $99.65, according to Yahoo Finance data.
Unlike a traditional fundraising round, an ATM program lets a company gradually sell newly issued shares into the public market whenever conditions are favorable.
The proceeds pushed Strategy's USD Reserve up by $225 million to $3.225 billion as of 19 July. Michael Saylor, Strategy's executive chairman, confirmed the update on X: "Strategy has increased its USD Reserve by $225 million. As of 7/19/2026, we hodl ₿843,775 in our BTC Reserve and $3.2 billion in our USD Reserve."
Notably, the company sold nothing under its preferred stock ATM programs during the period, and it neither bought nor sold any Bitcoin.
Rather than buying more Bitcoin, Strategy is directing the money into its USD Reserve, a cash pool set aside for dividend payments and other obligations.
The reserve mainly backs the company's preferred stock series, including STRC, STRK, STRF, and STRD. Those securities pay regular dividends, meaning Strategy needs cash on hand regardless of how Bitcoin trades.
The move mirrors the previous week, when the company raised $466.7 million by issuing common shares. Together, Strategy has raised roughly $730 million from stock sales over two weeks, lifting its USD Reserve by $675 million without touching its Bitcoin.
The update comes just weeks after Strategy made one of its rare Bitcoin sales. Earlier this month, the company sold 3,588 BTC for around $216 million, only its sixth reduction since 2020 and its third in 2026 alone, according to data from Bitbo's treasury tracker.
That sale followed a new capital management framework, approved in late June, that lets Strategy sell up to $1.25 billion worth of Bitcoin if it needs liquidity. By leaning on stock issuance instead, the company preserves the stack while still meeting its commitments.
The stack needs preserving. Strategy's 843,775 BTC were acquired for $63.69 billion, an average of $75,476 per coin, leaving the treasury underwater by roughly $9.6 billion with Bitcoin trading near $65,400, according to recent data from CoinGecko.
Economist and longtime Bitcoin critic Peter Schiff said that issuing new shares instead of selling Bitcoin unfairly hurts existing shareholders, since every new share dilutes the ownership of current investors.
According to Schiff, Strategy may be avoiding large Bitcoin sales because dumping a meaningful slice of its holdings could pressure Bitcoin's price, a criticism some market watchers have echoed.
For now, the playbook is clear: sell stock, protect the stack, pay the dividends. Strategy still has about $23.5 billion of unused capacity under its common stock ATM program, so the cash machine has plenty of road left.
The tell to watch is next Monday's filing, and whether the world's loudest Bitcoin bull goes back to buying, or keeps choosing dollars.
No comments yet
Be the first to share your take when accounts launch.
