Strategy adds $225M to cash via stock sales, holds 843,775 BTC

Strategy added $225 million to its cash reserves through common stock sales while keeping its 843,775 Bitcoin holdings untouched for a second consecutive week.

"Another week of needlessly sacrificing common shareholders to protect preferred shareholders without selling Bitcoin," Peter Schiff, gold advocate and longtime Bitcoin critic, said in a post on X.

The company sold 2,732,318 MSTR shares for $263.5 million in net proceeds between July 13 and July 19 through its at-the-market equity program, according to an SEC filing. The cash brought Strategy's USD Reserve to $3.225 billion — a $675 million increase over two weeks of continuous stock issuance. The firm's 843,775 BTC were acquired at an average price of $75,476 per coin, leaving an unrealized loss of roughly $9.6 billion at current prices of $64,600.

The cash is earmarked for preferred shareholders who hold dividend-paying securities such as STRC, which closed at $85.29 on Friday. CEO Phong Le said in a July 15 interview that the company has enough liquidity to cover obligations for years and would only reassess debt risks if Bitcoin fell to roughly $8,000 to $10,000.

Strategy has raised $675 million through its ATM program over two weeks without selling any Bitcoin. The company's board approved a framework in late June permitting sales of up to $1.25 billion in BTC to top off reserves, but the firm has instead chosen equity issuance to protect its Bitcoin position.

MSTR common stock closed at $94.85 on Friday, down 78 percent over the past 12 months. The company still has about $23.5 billion of remaining capacity under its common stock ATM program, giving it significant flexibility to raise additional capital, according to the SEC filing.

Credit investor Khing Oei said in an X post that STRC may be undervalued, arguing the market treats it as a simple 14 percent yield product rather than valuing its future cash flows. His model estimates the preferred stock could be worth around $96 even if Bitcoin never gains value again.

The decision to preserve the Bitcoin stack rather than sell into the market reinforces Strategy's long-term conviction in the asset. With 843,775 BTC — roughly 4 percent of Bitcoin's fixed 21-million-coin supply — the firm remains the largest corporate holder of the cryptocurrency. The company's weekly cash reserve updates have become a de facto signal for crypto markets, with any pause in buying or shift toward equity issuance drawing close scrutiny from analysts tracking institutional Bitcoin exposure.

This article is for informational purposes only and does not constitute investment advice.