Strategy pads its $3.225B war chest while 843,775 Bitcoin sit on the bench 🪑

Strategy raised $263.5 million between July 13 and July 19 through sales of its MSTR Class A common stock under its at-the-market program, according to a Form 8-K filed with the US Securities and Exchange Commission on Monday. The company made no Bitcoin purchases or sales during the period, leaving its holdings unchanged at 843,775 BTC acquired for a combined $63.69 billion at an average cost of $75,476 per coin. Bitcoin was last trading near $64,657.

The 2.73 million-share sale lifted Strategy's US dollar reserve to $3.225 billion, up 7.5% from $3 billion a week earlier. The reserve includes expected proceeds from MSTR stock sales that had not yet settled and is earmarked for dividends on Strategy's preferred stock and interest payments on outstanding debt. Strategy did not sell shares under any of its preferred stock ATM programs during the period, and about $23.5 billion of capacity remains under the common stock ATM.

The filing follows the prior week's report, in which Strategy also recorded no Bitcoin buys while raising $466.7 million through MSTR ATM sales. Investors are weighing the role of Strategy's preferred stock offerings, which the company has leaned on alongside common stock sales to fund its Bitcoin treasury.

Strategy's STRC preferred closed at $85.29 on Friday, while MSTR ended at $94.85, per Yahoo Finance data. Credit investor Khing Oei wrote on X on Sunday that STRC may be undervalued, arguing investors are treating it as a flat "14% yield" product rather than pricing in future cash flows. "Never value a stream by dividing this year's coupon by today's price," Oei said, estimating the security could be worth around $96 even if Bitcoin never rises again, given Strategy's ability to service dividends for decades. Oei added that if Bitcoin appreciates and strengthens the balance sheet, STRC could move closer to its $100 par value.