Strategy’s MSTR Sales Raise $263.5M as Holdings Reach 843,775 BTC

Strategy, the largest corporate holder of Bitcoin, has continued funding its Bitcoin treasury approach without changing its BTC position. In a new SEC filing, the company detailed sales of its Class A common stock under an at-the-market (ATM) program, bringing in fresh cash while reporting no Bitcoin purchases or sales during the period covered.

According to a Form 8-K filed with the U.S. Securities and Exchange Commission, Strategy raised $263.5 million by selling shares of MicroStrategy (MSTR) common stock between July 13 and July 19. The filing also shows that Strategy’s Bitcoin holdings remained steady at 843,775 BTC, acquired for a total purchase price of $63.69 billion, implying an average acquisition cost of $75,476. Bitcoin was last trading around $64,657 at the time of the report.

Key takeaways

• Strategy sold $263.5 million worth of MSTR common stock via its ATM program from July 13–July 19.
• No Bitcoin trades were executed during the same reporting window, leaving BTC holdings unchanged at 843,775 BTC.
• The company’s U.S. dollar reserve rose to $3.225 billion, supported in part by expected (unsettled) proceeds from stock sales.
• Strategy has not used preferred stock ATMs during the reporting period, even as debates continue over the valuation of its preferred shares.

Cash build through MSTR sales, BTC left untouched

Strategy’s latest filing centers on capital-raising activity rather than on any movement in its Bitcoin treasury. Under its common stock ATM program, the company sold MSTR shares and generated $263.5 million in proceeds during the week ended July 19, the SEC filing states.

Importantly for investors tracking Strategy’s spot BTC accumulation, the company reported no Bitcoin purchases or sales during the coverage period. As a result, its BTC balance stayed fixed at 843,775 BTC. That matters because Strategy’s broader strategy has often been assessed through the lens of whether new funding translates directly into additional Bitcoin buys. In this case, the answer is no for the specific week in question.

The company also disclosed the accounting backdrop: the BTC it already holds totals $63.69 billion in purchase price, with an average acquisition cost of $75,476, as listed on Strategy’s website. That cost basis continues to be a key reference point for how markets gauge performance when Bitcoin’s price moves.

Reserves climb to $3.225B and how that money is used

While BTC holdings were unchanged, Strategy’s liquidity increased. Following its latest sale of about 2.73 million MSTR shares, the company boosted its U.S. dollar reserve to $3.225 billion—up 7.5% from $3 billion the week earlier.

Strategy’s filing indicates the reserve includes expected proceeds from MSTR stock sales that had not yet been settled at the time of reporting. The company said those funds are used for practical financing needs tied to its capital structure, including dividends on its preferred stock and interest payments on its outstanding debt.

This distinction—between “expected proceeds” and settled cash—can be relevant for readers evaluating how quickly capital can flow into dividends and debt service, especially in periods where stock sales move faster than settlement timing.

The update also follows an earlier weekly pattern. In the previous week’s 8-K, Strategy similarly reported no Bitcoin purchases, while raising $466.7 million through its MSTR ATM program. Again, the company did not sell shares under any preferred stock ATM programs during either reporting period.

Strategy still reported remaining capacity of roughly $23.5 billion under its common stock ATM program, which would give it room to raise additional capital if market conditions allow further sales.

Preferred stock scrutiny resurfaces: “yield product” vs cash-flow bond

Beyond the mechanics of capital raising, investors continue to debate how to value Strategy’s preferred stock, commonly discussed under the ticker STRC. In market data cited from Yahoo Finance, STRC closed at $85.29 on Friday, while MSTR ended the session at $94.85.

Credit investor Khing Oei pointed to potential mispricing in an X post published Sunday. He argued that STRC may be undervalued because the market appears to treat the security primarily as a straightforward “14% yield” instrument rather than valuing the expected stream of cash flows over time.

Oei said that STRC should be approached more like a bond, emphasizing that investors typically do not measure fixed-income instruments simply by dividing the next coupon by today’s price. He referenced a model suggesting STRC could be worth around $96 even in a scenario where Bitcoin never gains value again, on the premise that Strategy could continue supporting dividend payments for decades.

In Oei’s view, leverage is the key driver of how STRC’s price may behave. If Bitcoin strengthens and improves Strategy’s balance sheet, he suggested STRC could potentially move closer to its $100 par value.

For investors, this is the central tension: Strategy’s BTC treasury model can support preferred dividends under varying market conditions, but the pricing of preferred equity depends not only on the current BTC level, but also on expectations for long-term coverage, leverage dynamics, and how quickly markets re-rate the risk embedded in that cash-flow structure.

What to watch next as Strategy keeps raising liquidity

Strategy’s latest filing shows a familiar pattern: liquidity is raised through MSTR-related share sales while BTC holdings are left unchanged in the reporting window. The near-term question for market participants is whether future ATM activity continues to translate into additional Bitcoin purchases, and whether the ongoing debate over STRC valuation narrows as cash-flow expectations and leverage assumptions evolve.