Strategy (MSTR) has not purchased any bitcoin since June 22, when it acquired just 520 BTC for approximately $35 million. Since then, the company has shifted its immediate focus from bitcoin accumulation to strengthening its liquidity position.

During the week ending July 5, Strategy sold 3,588 BTC in two transactions. It sold 1,363 BTC for approximately $80.8 million on June 30, followed by another 2,225 BTC for $135.2 million. The sales generated roughly $216 million and reduced Strategy’s holdings to 843,775 BTC.

The company said the proceeds would help fund distributions on its preferred stock and replenish the portion of its U.S. dollar reserve used to make those payments. The reserve stood at approximately $2.55 billion following the sales.

On Monday, Strategy increased its U.S. dollar reserve to approximately $3 billion. Based on annualized preferred-stock dividends and debt interest of roughly $1.76 billion, the reserve now provides about 20.4 months of coverage.

This liquidity buffer should give Strategy sufficient flexibility to navigate an extended bitcoin downturn without being forced to sell significant amounts of bitcoin at lower prices or raise capital under unfavorable conditions.

Bitmine has expanded its Ethereum treasury by another 27,801 ETH, lifting its holdings above 5.77 million ETH, while Chairman Tom Lee has identified the Robinhood Chain as a fresh driver of Ethereum adoption.

According to a press release from Bitmine, the company purchased 27,801 ETH over the past week, bringing its total holdings to 5,770,038 ETH, or about 4.8% of Ethereum’s circulating supply of roughly 120.7 million coins.

Tom Lee reiterated that the company still expects to own 5% of the total ETH supply before the end of the year, extending an accumulation strategy it has maintained throughout 2026.

Ethereum treasury continues to expand

Recent buying has kept Bitmine’s pace of accumulation intact. Just last week, blockchain intelligence platform Arkham Intelligence tracked another acquisition of 40,000 ETH, valued at roughly $70 million, through two wallet addresses linked to FalconX and Kraken hot wallets. 

Although the company did not publicly confirm that purchase, it has consistently published weekly updates detailing additions to its Ethereum treasury.

Bitmine has also continued putting a large share of its holdings to work. The company disclosed that 4,917,189 ETH have now been staked, generating projected annualized staking revenue of approximately $242 million. The latest filing also shows that the firm’s Ethereum position carries an average acquisition price of $3,374 per coin.

Despite the continued buying, market data provider DropsTab estimates that Bitmine remains at an unrealized loss of roughly $9.2 billion based on current market prices.

Still, the company has not slowed its purchases, having previously acquired 42,197 ETH between June 29 and July 3, around the same period that Bitcoin treasury company Strategy sold more than $200 million worth of Bitcoin.

Robinhood Chain strengthens Ethereum’s utility case

Alongside the latest treasury update, Lee pointed to Robinhood Chain as an important development for Ethereum’s long-term value proposition. He argued that the network embeds Ethereum directly into user activity because ETH serves as the native gas token, transaction fees are paid in ETH, and final settlement occurs on the Ethereum blockchain.

“Robinhood Chain uses ETH as the native gas token. And transaction fees are denominated in ETH, and the finality is settled on Ethereum. Robinhood’s 27 million users are paying crypto fees denominated in ETH. In other words, everyday users are starting to see ETH as money.”

Lee added that Robinhood Chain has already surpassed $1 billion in dollar-denominated trading volume and now processes more trading volume than any decentralized exchange, which he described as evidence of strong product-market fit built around Ethereum.

Separate market reports recently noted that the network reached 7.6 million daily transactions, overtaking Base in daily activity.

While Bitmine continued increasing its Ethereum exposure, investors reacted cautiously to the latest announcement. Shares of the company’s stock, BMNR, traded around $14.61, down nearly 2.4% on the day, according to data from Yahoo Finance.

The decline came even as Bitmine reaffirmed its aggressive accumulation strategy and continued moving closer to its stated goal of controlling 5% of Ethereum’s circulating supply.

A wallet last active when Bitcoin was trading near $6,500 transferred $188 million of its holdings in recent days, its first onchain movement in seven years.

With the biggest cryptocurrency now trading at around $64,000 apiece, the whale transferred 2,931 Bitcoin (BTC) from wallet “356my” to wallet address “bc1qn” on Sunday, according to blockchain data platform Arkham. 

The whale is likely looking at a nearly 10-fold gain on the long-dormant holdings, according to blockchain analytics platform Onchain Lens.

The transaction comes during a period when whale transfers — those at a minimum of $10 million per Coinglass — are accounting for the majority of Bitcoin flowing to cryptocurrency exchanges. Large whale transfers to exchanges often precede sales, which can place additional pressure on Bitcoin’s price.

Crypto wallet address 356my, transactions and token balance history. Source: Arkham

Fast becoming year of the whale

Whales have been driving most of the Bitcoin inflows to cryptocurrency exchanges since the beginning of the year.

About 99% of BTC deposited to exchanges is currently from the 10 largest individual transfers, according to CryptoQuant’s chart tracking the ratio of whale transfers to exchanges, which stood at 0.99 at press time. 

Bitcoin: Exchange Whale Ratio – all exchanges, year-to-date chart. Source: CryptoQuant

A high exchange ratio means that whales account for a disproportionate share of inflows, which is “historically a bearish signal” as these large deposits are more likely to precede significant sell orders than routine retail activity, according to the analytics platform. 

Related: Strategy sells 3,588 Bitcoin for $216M to fund dividends, keeps $2.55B reserve intact 

The whale transfers may add to the persistent Bitcoin selling pressure from spot Bitcoin exchange-traded fund (ETF) holders.

Bitcoin ETF Flow (USD, million). Source: Farside Investors

US-traded spot Bitcoin ETFs registered $197 million in net weekly inflows leading up to Friday, but saw $4.51 billion in net outflows in June, marking their worst month on record, according to Farside Investors data.

Magazine: Bitcoin nearing late stages of bear market: Jamie Coutts, Real Vision

Strategy, the largest corporate holder of Bitcoin, has raised additional capital by selling shares under its at-the-market (ATM) program while keeping its Bitcoin treasury unchanged during the latest reporting window. In its most recent SEC update, the company detailed the size of the equity issuance and reaffirmed that no BTC trades occurred in the period.

According to an 8-K filing dated Monday, Strategy sold 4.8 million shares of its Class A common stock for $466.7 million between July 6 and July 12. The filing also states that Strategy held 843,775 BTC at an average purchase price of $75,476 per BTC, with no Bitcoin purchases or sales reported during the same timeframe.

Key takeaways

• Strategy raised $466.7 million by selling 4.8 million shares through its ATM offering from July 6–12, without altering its BTC holdings.
• The company reported 843,775 BTC at an average purchase price of $75,476 and disclosed no BTC transactions in the period covered by the filing.
• Strategy’s reported US dollar reserve increased to $3 billion as of July 12, supporting preferred dividends and debt interest obligations.
• The company continues to expand its equity-capacity runway, citing $23.8 billion of remaining ATM capacity, including capacity from a $21 billion additional offering announced earlier this year.
• Strategy is preparing its first semi-monthly dividend cycle for preferred shareholders, with near-term payment dates tied to new record-date rules.

Equity funding without touching the Bitcoin treasury

Strategy’s latest SEC filing highlights a deliberate split between raising fiat liquidity and managing its Bitcoin inventory. During the July 6–12 window, the company used its ATM program to issue shares and generate cash, but it reported no spot BTC activity.

The reported balance of 843,775 BTC suggests Strategy continues to treat its Bitcoin treasury as a long-horizon asset rather than a pool to be actively traded in response to short-term liquidity needs. That approach matters for investors watching whether Strategy’s BTC exposure remains steady while it scales the rest of its capital structure.

As investors monitor day-to-day market dynamics, the filing also landed while MSTR shares were reportedly down roughly 3% near the Nasdaq open to about $91.80 per share, according to Yahoo Finance. Bitcoin was trading around $62,580, down more than 2% over the prior 24 hours.

Cash buffer climbs to $3 billion

Beyond the share-sale figures, the 8-K update focused on Strategy’s liquidity position. The company reported its US dollar reserve at $3 billion as of July 12, up from $2.55 billion one week earlier.

Strategy said this cash reserve is used for operational obligations tied to its preferred stock dividends and interest payments on its outstanding debt. Importantly for readers tracking settlement mechanics, the reserve is also described as including expected proceeds from ATM share sales that had not yet settled as of the reporting date.

The update reinforces that Strategy’s financing strategy is not solely reliant on selling Bitcoin. Instead, the company is using equity issuance—at least in this period—to increase its USD buffer, potentially reducing the need for BTC sales to meet near-term payment requirements.

ATM capacity remains significant, with more runway available

Strategy also disclosed remaining capacity under its ATM framework. The company said it has $23.8 billion of available capacity, which includes capacity related to a new $21 billion offering announced on March 23. Strategy noted it may begin selling shares under this additional capacity once the existing offering has been substantially depleted.

That matters because the ATM program effectively functions as a flexible funding channel. For investors, the key question is how quickly Strategy can draw on this capacity while still maintaining its broader Bitcoin-oriented corporate posture.

In a separate development referenced in the update, Strategy previously sold BTC to replenish its US dollar reserve. The company announced it sold 3,588 BTC for about $216 million to fund preferred dividend payments, with the transactions described as:

• 1,363 BTC sold at an average price of $59,256 between June 29 and June 30
• 2,225 BTC sold at an average price of $60,773 between July 1 and July 5

In the same earlier June 29 8-K filing, Strategy reportedly stated it made no BTC purchases and disclosed the sale of 12.7 million shares through its ATM offering, generating $1.15 billion in net proceeds. Together, those disclosures show an ongoing balancing act between equity issuance and selective BTC sales to meet liquidity targets.

Earlier coverage from Cointelegraph discussed the rationale behind the company’s $216 million BTC sale, framing the decision in the context of Strategy’s preferred dividend obligations and its overall capital strategy.

Preferred dividends shift to a semi-monthly rhythm

Strategy’s equity and cash management also intersects with its dividend schedule. The company is preparing for its first semi-monthly dividend payment to holders of its STRC preferred stock on Wednesday.

In an announcement from June 8, Strategy said the new schedule would 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, and the first payment date was scheduled for July 15, according to Strategy’s release.

With dividends arriving more frequently, the importance of Strategy’s updated cash reserve could rise. For preferred investors, the operational question becomes how consistently Strategy can fund distributions through a mix of ATM proceeds, reserve management, and—when necessary—BTC sales.

What to watch next

With Strategy now drawing on substantial remaining ATM capacity while preparing a more frequent preferred dividend timetable, market participants will likely focus on whether the company continues to keep BTC holdings static during future funding windows—and how quickly its USD reserve translates into predictable dividend coverage as semi-monthly payments roll forward.

BitMine Immersion (BMNR) added to its Ethereum treasury last week, bringing its total holdings to 5.77 million ether (ETH), or about 4.8% of Ethereum’s circulating supply of 120.7 million tokens, according to a Monday press release.

The company said nearly five million of its ETH holdings are staked, allowing it to earn staking rewards while maintaining one of the largest corporate Ethereum treasuries.

Beyond ether, BitMine’s balance sheet includes 206 bitcoin BTC$62,463.84, a $180 million stake in Beast Industries, a $69 million stake in Eightco Holdings (ORBS) and about $482 million in cash and marketable securities.

Chairman Tom Lee pointed to growing activity on Ethereum’s layer-2 networks as a key reason for the company’s continued focus on ETH.

“One of the biggest crypto success stories in 2026 is the breakaway success of the Robinhood Chain L2 mainnet on July 1, built on Arbitrum,” Lee said in the release. “Already, dollar volumes have exceeded $1 billion, and Robinhood Chain now has more trading volume than any other decentralized exchange (DEX), demonstrating the outstanding utility and product market fit for Ethereum, which is the underlying chain.”

Strategy, the largest corporate holder of Bitcoin, raised fresh capital by selling MSTR shares through its at-the-market (ATM) offering last week while leaving its BTC treasury unchanged.

Strategy sold 4.8 million shares of its Class A common stock for $466.7 million between July 6 and July 12, according to a Monday 8-K filing with the US Securities and Exchange Commission. 

The company did not buy or sell any Bitcoin during the period and reported holdings of 843,775 BTC at an average purchase price of $75,476 per BTC. 

The update comes as investors continue to watch how Strategy balances equity issuance, Bitcoin accumulation and its growing preferred stock offerings as it expands its BTC-focused corporate strategy.

Ahead of Monday’s Nasdaq open, MSTR shares were trading down roughly 3%, to $91.80 apiece, according to Yahoo Finance. Bitcoin was trading at about $62,580, down more than 2% in the past 24 hours.

Cash buffer grows to $3 billion

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 payments on its outstanding debt.

The reserve includes expected proceeds from MSTR shares sold through the company’s ATM offering that had not yet settled as of the reporting date.

Source: SEC

Strategy has $23.8 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.

Last week, Strategy announced it sold 3,588 BTC for about $216 million to replenish its US dollar reserve and fund preferred stock dividend payments.

Related: Lyn Alden says Bitcoin needs no savior as Strategy sells $216M of BTC

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 the same 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.

STRC moves to twice-monthly dividend schedule

Strategy is boosting its USD reserve as it readies its first semi-monthly dividend payment to its STRC preferred stock holders 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.

Magazine: Bitcoin nearing late stages of bear market: Jamie Coutts, Real Vision

The report also noted a problem with permissionless chains: a confirmed transaction can, in theory, be reversed by a chain reorganization. That introduces a settlement-finality risk that traditional infrastructures do not encounter.

Nevertheless, the report said, established firms in traditional finance and crypto-native companies are converging.

As one example, it cited Ripple’s $1.25 billion purchase of prime broker Hidden Road. Hidden Road, now Ripple Prime, is listed among firms holding both an investment-firm license and cryptoasset registration covering spot and derivatives across forex and digital asset markets from the Financial Conduct Authority.

Santander U.K.’s use of Ripple’s blockchain for cross-border payments was named as a white-labeling example. The bank fronts the customer relationship while Ripple’s technology moves the money.

Woolard puts the U.S. and U.K. markets on similar timelines for stablecoin regulation, with both targeting full regimes in 2027. For wholesale policy, the U.K. is ahead of the U.S., where the Clarity Act remains stuck.

While the FCA is already authorizing crypto companies under money-laundering regulations, the regulator’s new regime under the Financial Services and Markets Act (FSMA) kicks in next year.

Applications under FSMA open on Sept. 30, ahead of an October 2027 launch date.

The report concedes that the industry still sees U.K. authorization as slower than the U.S., where the SEC’s December 2025 no-action letter handed the Depository Trust Company a three-year tokenization pilot that lets firms launch live rather than build for a test environment.