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Cash up, Bitcoin flat
Strategy sold 2,732,318 MSTR shares between July 13 and July 19 for net proceeds of approximately $263.5 million through its at-the-market equity program while making no Bitcoin purchases for a second consecutive week.
“Strategy sold 2,732,318 shares of its Class A common stock for net proceeds of approximately $263.5 million”
The company’s Form 8-K filed with the U.S. Securities and Exchange Commission says, “During the period between July 13, 2026 and July 19, 2026… Strategy sold 2,732,318 shares of its Class A common stock for net proceeds of approximately $263.5 million.”
As a result, Strategy’s U.S. dollar reserve climbed to approximately $3.225 billion and its Bitcoin treasury stayed unchanged at 843,775 BTC.
Michael Saylor confirmed the update in a tweet that said, “Strategy has increased its USD Reserve by $225 million.”
The same tweet added that Strategy still holds “₿843,775 in our BTC Reserve and $3.2 billion in our USD Reserve,” keeping its BTC stack untouched while cash rose.
Preferred dividends drive
Decrypt described the cash raised as going into what Strategy calls its USD Reserve, a dedicated dollar fund “maintained specifically to pay dividends and cover debt obligations.”
The same report said the people at the front of that payment line are preferred shareholders, and it identified the preferred securities as STRC (Stretch), STRK (Strike), STRF (Strife), or STRD (Stride).
Peter Schiff argued that the choice to sell stock rather than Bitcoin “needlessly sacrificing common shareholders to protect preferred shareholders without selling Bitcoin.”
In a separate framing, Bitget said the trade-off for MSTR investors is “Own a smaller slice today, in exchange for a company built to survive tomorrow.”
Bitget also stated that Strategy’s Bitcoin stack stayed frozen at 843,775 BTC for a second straight week while the cash pile grew to $3.2 billion instead.
What comes next
The sources tied the cash buffer to Strategy’s Digital Credit Capital Framework, which Bitget said “pays dividends on preferred shares and interest on debt” and described bills running about $1.76 billion a year.
“pays dividends on preferred shares and interest on debt”
Bitget added that the $3.2 billion reserve “covers roughly 22 months,” while the board only requires 12, and it said the framework requires liquidity, discipline, and active capital management.
Crypto News said Strategy also had about $23.53 billion available under its MSTR ATM program after the latest transactions and reported that it made no share repurchases during the week.
CoinDesk framed the move as rebuilding liquidity after its “dividend-paying preferred stock structure came under pressure during the recent crypto market downturn,” while noting Strategy remains the world’s largest corporate bitcoin holder.
With Strategy’s BTC holdings still at 843,775 BTC, the next decision in the sources is whether it continues to fund obligations through common equity sales or resumes Bitcoin purchases after the two-week pause.
