TLDR
- Strategy raised ~$263 million by selling common stock last week, not bitcoin
- MSTR stock rose in early Monday trading, up around 1.2% in pre-market at $96
- Cash reserves now stand at $3.225 billion, with 843,775 BTC holdings untouched
- MSTR is down 38% since the start of 2026 amid a bitcoin bear market
- The capital raise helps fund dividend payments without shrinking the BTC stash
Strategy (MSTR) stock climbed early Monday after the company revealed it raised roughly $263 million through a common stock sale last week — without touching a single bitcoin.
The stock was up around 1.2% in pre-market trading, hitting $96, alongside a modest weekend rise in bitcoin to around $64,700.
According to a regulatory filing, Strategy sold over 2.7 million MSTR shares through its at-the-market equity program, generating approximately $263.5 million.
Michael Saylor, Strategy’s executive chairman, confirmed Monday that the company’s U.S. dollar reserve now sits at $3.225 billion. Its bitcoin stash remains at 843,775 BTC, worth close to $55 billion at current prices.
The raise gives Strategy more room to cover its dividend obligations without dipping into its crypto holdings — a balancing act the firm has been navigating carefully.
MSTR is down 38% since January 1, 2026. A prolonged bitcoin downturn has put pressure on the company’s increasingly layered capital structure, which includes dividend-paying preferred stock that requires ongoing cash.
Why Strategy Is Selling Stock, Not Bitcoin
Late last month, Strategy authorized the sale of up to $1.25 billion of its bitcoin to shore up cash reserves and fund dividends. The company also approved up to $2 billion in stock buybacks, split evenly between preferred and common stock.
Despite that authorization, Strategy has held its BTC steady for the past two weeks. It did sell around 2,225 bitcoin at the start of July — roughly $216 million worth — which was its first meaningful bitcoin sale after years of near-continuous accumulation.
That sale was a notable reversal for a company that built its entire identity around buying and holding bitcoin from August 2020 onward.
In February 2025, Saylor posted on X: “Never sell your bitcoin.” That philosophy held for years before the current financial pressures forced a rethink.
Cash Buffer Takes Priority
Late last year, Strategy set up a dedicated cash reserve to cover interest and dividend payments on its preferred stock. That reserve has now grown to $3.225 billion following the latest equity raise.
For the second straight week, Strategy chose to raise capital through stock sales rather than bitcoin liquidation.
The company’s strategy — if you’ll excuse the pun — appears focused on protecting its BTC position for as long as possible while using equity markets to meet near-term cash needs.
Strategy remains the world’s largest corporate bitcoin holder by a wide margin, holding 843,775 BTC.
At current bitcoin prices of around $64,700, that treasury is valued at nearly $55 billion.
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