Strategy Hoards $3B Cushion, Puts Bitcoin Buys on Ice for Third Straight Week

Strategy, the largest corporate holder of Bitcoin, raised $466.7 million by selling 4,818,781 shares of its Class A common stock through its at-the-market offering between July 6 and July 12, according to a Monday 8-K filing with the US Securities and Exchange Commission. The company bought or sold no Bitcoin during the period, leaving its holdings unchanged at 843,775 BTC, acquired at an average price of $75,476 per coin. The filing leaves Strategy with approximately $23.79 billion of remaining capacity under its MSTR ATM offering, including capacity from a $21 billion program announced on March 23.

Strategy increased its US dollar reserve to $3 billion as of July 12, up from $2.55 billion a week earlier. The reserve is used to fund dividend payments on its preferred stock and interest on its outstanding debt, and includes expected proceeds from MSTR shares sold through the ATM offering that had not yet settled as of the reporting date. Benchmark-StoneX Managing Director and Senior Research Analyst Mark Palmer said the addition represents around 18% growth in a single week, giving Strategy more than 20 months of coverage for its annual dividend and interest obligations of $1.76 billion, equivalent to roughly 20.4 months based on the latest filing. "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 cash build follows Strategy's sale of 3,588 BTC for about $216 million in two transactions during the week ending July 5. The company sold 1,363 BTC at an average price of $59,256 between June 29 and June 30, followed by 2,225 BTC at an average price of $60,773 between July 1 and July 5. Strategy has not purchased any Bitcoin since June 22, when it acquired 520 BTC for approximately $35 million. Strategy co-founder and Executive Chairman Michael Saylor said, "Orange dots tell only part of the story."

Strategy is preparing for its first semi-monthly dividend payment to STRC preferred stock holders on Wednesday. Under a schedule announced on June 8, STRC uses record dates on the 15th and the last day of each month, with payments made on the following record date; the first semi-monthly record date was June 30, 2026, with the first payment scheduled for July 15. STRC, which currently offers a 12% annual dividend, traded near $87.04 in pre-market trading, below its $100 par value, after recovering from a late-June low near $70.

Ahead of Monday's Nasdaq open, MSTR shares were trading down roughly 3% to $91.80, according to Yahoo Finance, after hitting a 28-month low of $81.81 in late June. Bitcoin was trading at about $62,580, down more than 2% in the past 24 hours.