Saylor Stacks $3B in Cash While 843,775 Bitcoin Sit Idle 🟧

Strategy, the largest corporate holder of Bitcoin, raised $466.7 million through its at-the-market (ATM) equity program during the week of July 6 to July 12, bringing its US dollar reserve to $3 billion as of July 12, according to a Form 8-K filing with the US Securities and Exchange Commission. Between July 6 and July 12, the company sold 4,818,781 shares of its Class A common stock at an average price that generated the $466.7 million in net proceeds. Strategy did not buy or sell any Bitcoin during the period, leaving its holdings unchanged at 843,775 BTC acquired at an average price of $75,476 per coin.

The $3 billion reserve, up from $2.55 billion a week earlier, is used to fund dividend payments on Strategy's preferred stock and interest payments on its outstanding debt. The reserve includes expected proceeds from MSTR shares sold through the ATM offering that had not yet settled as of the reporting date. Strategy has $23.79 billion of remaining capacity under its MSTR ATM offering, including capacity from a new $21 billion offering the company announced on March 23. The company said it may begin selling shares under the additional capacity once the existing offering is substantially depleted. Ahead of Monday's Nasdaq open, MSTR shares were trading down roughly 3% to $91.80, according to Yahoo Finance, while Bitcoin was trading at about $62,580, down more than 2% in the past 24 hours.

The cash buildup comes as Strategy prepares for its first semi-monthly dividend payment to holders of its STRC preferred stock on Wednesday. Under a new schedule announced on June 8, STRC will use 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 date scheduled for July 15. STRC was trading at approximately $87.04, below its $100 par value where it has lingered since mid-May while paying a 12% annual dividend.

Strategy's last Bitcoin purchase was 520 BTC for approximately $35 million on June 22. Since then, the company has sold 3,588 BTC for about $216 million to replenish its US dollar reserve and fund preferred stock dividend payments. The transactions included the sale of 1,363 BTC at an average price of $59,256 between June 29 and June 30, followed by another 2,225 BTC at an average price of $60,773 between July 1 and July 5. In a June 29 8-K filing, Strategy also reported no BTC purchases, while disclosing the sale of 12.7 million MSTR shares through its ATM offering, generating $1.15 billion in net proceeds.

Based on annualized preferred-stock dividends and debt interest of roughly $1.76 billion, the $3 billion reserve provides about 20.4 months of coverage, according to 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," he wrote. Strategy co-founder and Executive Chairman Michael Saylor said "orange dots tell only part of the story," referring to the company's chart of Bitcoin purchases. Standard Chartered analysts said Strategy's turn from hoarding Bitcoin to selling it to pay preferred-stock dividends has "muddied" Bitcoin's near-term prospects, though they urged investors to look past it. The company's 843,775 Bitcoin stack was valued around $53 billion on Monday.