Saylor's Strategy pads war chest to $3.75B, taps $25M to yank back its own STRC 🧂

Strategy has lifted its cash reserve to $3.75 billion after generating $544.5 million in net proceeds from sales of 5,429,160 shares of Class A common stock (MSTR) through its at-the-market program between July 20 and July 26, according to an SEC filing on Monday. The company disclosed the update on the same day its Executive Chairman, Michael Saylor, said the reserve is sufficient for 2.1 years of dividend coverage. The filing also showed that Strategy used $25 million of the proceeds to repurchase 288,930 shares of its Stretch (STRC) preferred stock — the firm's first buyback of the security — drawing on the $1 billion Digital Credit Securities Repurchase Program authorized by the board on June 29 and leaving $975 million available.

The reserve build marks the fifth consecutive week without a Bitcoin purchase, with Strategy's holdings unchanged at 843,775 BTC, acquired at an average price of $75,476 per coin, or $63.69 billion in aggregate. The pause is the longest in two years, according to the company. Strategy said the cash is intended to support preferred-stock dividend payments and debt interest obligations totaling $1.76 billion annually. The firm has shifted its funding approach in recent weeks, raising capital by selling MSTR shares rather than tapping its Bitcoin stack, leaving $22.98 billion of MSTR ATM capacity available.

STRC has traded below its $100 par value since mid-May and notched record lows earlier this month. The preferred was changing hands for $88.61 in pre-market trading, up 1.99%, while MSTR rose 2.5% as Bitcoin climbed to about $65,000 over the weekend. Last week Strategy overhauled its investor metrics, introducing a "net Bitcoin per share" figure that strips out $22.2 billion of debt and preferred claims, and redefined its mNAV accretion threshold at 1.0x; on the new basis the same MSTR share price reads 1.02x.

Separately, Saylor drew attention on Sunday with an X post reading "We're gonna need another color," which market observers interpreted as a hint at a new preferred-stock instrument. The update followed a separate exchange in which Saylor argued that Bitcoin's growth depends on integration with traditional financial institutions, a stance that drew pushback from BTC supporters citing the asset's peer-to-peer design. On prediction market Myriad, users place a 12% chance on Strategy holding more than 1,000,000 BTC by year's end, down from 14% a month earlier.