Strategy Hits Pause on $BTC Buys Again, Pockets $467M While 843,775 BTC Sit Pretty

Strategy, the largest corporate holder of Bitcoin, raised $466.7 million through its at-the-market (ATM) offering of Class A common stock between July 6 and July 12, according to a Monday 8-K filing with the US Securities and Exchange Commission. The company sold 4.8 million MSTR shares during the period and did not buy or sell any Bitcoin, leaving holdings unchanged at 843,775 BTC acquired at an average price of $75,476 per coin. Ahead of Monday's Nasdaq open, MSTR was trading down roughly 3% at $91.80, according to Yahoo Finance, while Bitcoin was trading around $62,580, down more than 2% over 24 hours.

The issuance lifted Strategy's US dollar reserve to $3 billion as of July 12, up from $2.55 billion a week earlier, providing more than 20 months of coverage for the firm's annual dividend and interest obligations of $1.76 billion, according to a Monday note from Benchmark-StoneX Managing Director and Senior Research Analyst Mark Palmer. "The entirety of the company's capital markets activity during the week was channeled toward fortifying the balance sheet's cash cushion," Palmer wrote. The reserve, which includes expected ATM proceeds that had not yet settled, is earmarked for dividend payments on Strategy's preferred stock and interest on its outstanding debt.

Strategy retains $23.8 billion of remaining capacity under its MSTR ATM offering, including a new $21 billion program announced on March 23, and said it may begin selling under the additional capacity once the existing offering is substantially depleted. The capital buildup comes ahead of the first semi-monthly dividend payment on the STRC preferred stock on Wednesday, under a schedule announced on June 8 that uses record dates on the 15th and last day of each month. The first semi-monthly record date was June 30, 2026, with the first payment date set for July 15. STRC, which currently offers a 12% annual dividend, was trading at $87.04 on Monday after lingering below its $100 par value since mid-May, while MSTR steadied after hitting a 28-month low of $81.81 in late June.

The week followed a separate June 29 8-K filing in which Strategy reported selling 3,588 BTC for about $216 million, including 1,363 BTC at an average price of $59,256 between June 29 and June 30 and another 2,225 BTC at an average price of $60,773 between July 1 and July 5, while also disclosing the sale of 12.7 million MSTR shares through the ATM for $1.15 billion in net proceeds. Since reporting its last Bitcoin purchase on July 22, the company has generated around $215 million from selling BTC to fund dividends and debt. Strategy co-founder and Executive Chairman Michael Saylor said "Orange dots tell only part of the story," underscoring the pivot toward balance sheet fortification as analysts at Standard Chartered noted that the shift from accumulating to selling Bitcoin to cover preferred-stock dividends has "muddied" the digital asset's near-term prospects.