Strategy Raises $467 Million Through Stock Sales, Makes No Bitcoin Purchases as Cash Reserve Hits $3 Billion

Strategy raised $466.7 million by selling 4.82 million Class A shares, boosting its U.S. dollar reserve to $3 billion to cover preferred stock dividends and interest. The firm made no bitcoin purchases or sales between July 6 and July 12, 2026, keeping its holdings at 843,775 BTC. This pause follows a historic 3,588 BTC sale on July 5. Despite carrying $10.7 billion in paper losses, analysts view the cash build as a stabilizing move to manage its expanded capital structure.

Strategy stock sale proceeds

• ▪Strategy increased its U.S. dollar reserve to $3 billion as of July 12, 2026, to support preferred stock dividend payments and interest on outstanding debt.
• ▪Strategy raised approximately $466.7 million by selling 4,818,781 shares of Class A common stock between July 6 and July 12, 2026.

Bitcoin holdings unchanged

• ▪Strategy acquired its 843,775 BTC for an aggregate purchase price of approximately $63.69 billion, representing an average price of $75,476 per bitcoin.
• ▪Strategy's bitcoin holdings represent approximately 4% of bitcoin's 21 million supply cap and carry around $10.7 billion in unrealized paper losses at prices near $63,000.
• ▪Strategy made no bitcoin purchases or sales between July 6 and July 12, 2026, leaving its total holdings unchanged at 843,775 BTC.

Digital Credit Capital Framework

• ▪Strategy's Digital Credit Capital Framework restricts its U.S. dollar reserve to preferred stock dividends and interest payments, and includes a $1.25 billion BTC Monetization Program.
• ▪Strategy approved a semi-monthly dividend schedule for its STRC preferred stock, with the first payment scheduled for July 15, 2026.
• ▪Strategy sold 3,588 BTC for approximately $216 million on July 5, 2026, marking the largest bitcoin sale in the company's history.

Market performance decline

• ▪Strategy's MSTR shares fell approximately 3% in pre-market trading on July 13, 2026, following the regulatory filing.
• ▪Strategy's MSTR stock declined 6.5% overall during the week ending July 10, 2026, closing on Friday at $94.64.

Analyst reactions to sales

• ▪Gabe Selby of CF Benchmarks stated that Strategy's cash reserves cover around 17.4 months of its annual financing costs, but warned that recurring bitcoin sales could become a concern.
• ▪Grayscale analysts suggested that Strategy's stronger financing position could reduce tail risks and help bitcoin establish a more durable price bottom.
• ▪Standard Chartered maintained its end-2026 bitcoin price forecast of $100,000, calling Strategy's shift to using bitcoin as collateral a communication challenge rather than a solvency issue.

Bitcoin treasury company cohort

• ▪The market capitalization-to-net asset value ratios of many digital asset treasury companies contracted sharply from their summer 2025 peaks, leaving MSTR down approximately 79% with an enterprise mNAV of 1.03.
• ▪According to Bitcoin Treasuries data, 197 public companies have adopted a bitcoin acquisition model, with Twenty One, Metaplanet, MARA, and Bitcoin Standard Treasury Company joining Strategy in the top five.