Saylor Prints $263.5M, Hodls 843,775 BTC, and Picks Common Stock Over Coins 📄

Strategy, the largest corporate holder of Bitcoin, raised $263.5 million through sales of its MSTR Class A common stock under its at-the-market program between July 13 and July 19, 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 reporting period, leaving its holdings unchanged at 843,775 BTC, acquired for a total of $63.69 billion at an average price of $75,476. Bitcoin was last trading at roughly $64,657.

Following the sale of 2,732,318 MSTR shares, Strategy increased its 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 been settled and is used to fund dividends on the company's preferred stock and interest payments on its outstanding debt. Strategy did not sell shares under any of its preferred stock ATM programs during either reporting period. The company still has about $23.5 billion of remaining capacity under its common stock ATM program, following the prior week's filing in which it raised $466.7 million through MSTR without making any Bitcoin purchases.

The preferred-shareholders-first capital structure has drawn scrutiny. Strategy's STRC preferred stock closed at $85.29 on Friday, while MSTR shares ended the session at $94.85, according to Yahoo Finance data. Credit investor Khing Oei said in an X post on Sunday that STRC may be undervalued, arguing the market is treating it as a simple "14% yield" product rather than valuing its future cash flows. "Never value a stream by dividing this year's coupon by today's price," Oei wrote, estimating the preferred stock could be worth around $96 even if Bitcoin never gains value again, based on Strategy's ability to support dividend payments for decades.

Michael Saylor confirmed the update in a tweet, writing that Strategy had "increased its USD Reserve by $225 million" and that the firm holds 843,775 BTC alongside $3.2 billion in its USD Reserve. Gold advocate and Bitcoin skeptic Peter Schiff countered that Strategy was "needlessly sacrificing common shareholders to protect preferred shareholders without selling Bitcoin," suggesting the company may be reluctant to sell BTC because it fears the market cannot absorb a large liquidation without significant price impact. Strategy has decreased its stack on just six occasions since 2020, three of which were in 2026, with the most recent a sale of 3,588 BTC for roughly $216 million between late June and early July under a board-approved framework permitting up to $1.25 billion in BTC sales to top up reserves.