Strategy Raises $263.5 Million Through Stock Sale, Makes No Bitcoin Purchases for Second Consecutive Week

Jul 20, 2026

Strategy raised $263.5 million in net proceeds by selling 2,732,318 MSTR shares between July 13 and July 19, 2026, while making no Bitcoin purchases or sales for a second consecutive week. Its U.S. dollar reserve increased by $225 million to $3.225 billion and included expected proceeds from ATM share sales that had not yet settled. The company continued to hold 843,775 BTC acquired for approximately $63.69 billion at an average cost of $75,476 per Bitcoin. CoinMarketCap and Bitcoin Magazine estimated that the position carried about $9 billion in unrealized losses when Bitcoin traded near $64,800. Strategy says its U.S. dollar reserve is intended to support preferred-stock dividends and interest payments on outstanding debt.

MSTR stock sale proceeds

▪The $263.5 million stock sale follows a prior capital raise of $466.7 million through the sale of 4.82 million Class A common stock shares the previous week.
▪Strategy has approximately $23.5 billion of remaining capacity under its common stock at-the-market program to raise additional capital.
▪Strategy raised $263.5 million in net proceeds by selling 2,732,318 shares of Class A common stock under its at-the-market program between July 13 and July 19, 2026.

Bitcoin holdings unchanged

▪CoinMarketCap and Bitcoin Magazine estimated that Strategy's Bitcoin holdings carried approximately $9 billion in unrealized losses when Bitcoin was trading near $64,800 on July 20, 2026.
▪Strategy's 843,775 BTC holdings were acquired for an aggregate purchase price of approximately $63.69 billion, representing an average acquisition cost of $75,476 per Bitcoin.
▪Strategy made zero Bitcoin purchases or sales between July 13 and July 19, 2026, leaving its total holdings unchanged at 843,775 BTC for a second consecutive week.

Cash reserves growth

▪Strategy's U.S. dollar reserve increased to $3.225 billion as of July 19, 2026, up from $3.0 billion the prior week.
▪Strategy's cash reserve has increased by $675 million since July 5, 2026, when it stood at $2.55 billion following a $216 million sale of 3,588 Bitcoin.

Debt service funding

▪Strategy utilizes its U.S. dollar reserve to fund dividend commitments on its preferred stock and interest payments on its outstanding debt.
▪Bitcoin Magazine reported that Strategy President and CEO Phong Le said the company would begin weighing risks related to its debt if Bitcoin fell to the $8,000–$10,000 range.Strategy raised $263.5 million by selling over 2.7 million MSTR shares, boosting its USD reserves to $3.225 billion. The firm paused Bitcoin purchases for a second consecutive week, keeping its holdings flat at 843,775 BTC. This treasury carries roughly $9 billion in unrealized losses against an average cost of $75,476. The cash buildup is intended to fund preferred dividends and debt interest, amid ongoing investor debates over the valuation of Strategy's STRC preferred stock.

Preferred stock mispricing debate

▪Credit investor Khing Oei argued that Strategy's STRC preferred stock is undervalued because the market treats it as a simple 14% yield product rather than valuing its future cash flows.
▪STRC preferred stock closed at $85.29 on July 17, 2026, trading below its $100 reference value, while MSTR common shares closed at $94.85.