Strategy Inc., the world’s largest corporate holder of Bitcoin, left its massive crypto bet untouched for a second consecutive week as the company raised hundreds of millions of dollars through stock sales to bolster its cash reserves.
The company disclosed in its latest Form 8-K filing that it made no Bitcoin purchases or sales during the week of July 13-19, 2026, keeping its treasury holdings at 843,775 BTC. The position carries an aggregate purchase price of $63.69 billion, translating to an average acquisition cost of $75,476 per Bitcoin.
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Rather than sell Bitcoin, Strategy turned to equity markets for additional capital. The company sold 2.73 million shares of Class A common stock through its at-the-market (ATM) offering program during the week, generating $263.5 million in net proceeds.
The proceeds increased Strategy’s US dollar cash reserves to $3.2 billion, up from $3.0 billion the previous week. The company said the funds are intended to cover preferred stock dividends and interest payments on outstanding debt obligations.
The decision to preserve its Bitcoin holdings comes after the company sold 3,588 BTC in late June and early July for approximately $216 million, with average sale prices between $59,000 and $61,000 per coin. Those sales occurred at prices significantly below Strategy’s overall Bitcoin cost basis.
The company is also facing pressure from the recent decline in Bitcoin prices. Strategy expects to report an $8.32 billion unrealized loss on its digital asset holdings for the second quarter of 2026, primarily reflecting the lower market value of its Bitcoin position. The company estimates the carrying value of its digital assets has fallen to $49.67 billion.
The decline in Bitcoin’s value has also affected Strategy’s accounting treatment of related tax assets, requiring the company to record a full valuation allowance against deferred tax benefits tied to those assets.
A Bitcoin Monetization Program launched in late June, which authorizes up to $1.25 billion in additional Bitcoin sales to replenish reserves, has not yet been used.
Why This Matters
Strategy’s two-week Bitcoin pause and rising reliance on stock sales suggest a shift from aggressive accumulation to balance-sheet defense — a major change for a company built around nonstop buying.
If it continues, the move could weaken MSTR’s image as a Bitcoin proxy and fuel concerns about dividend sustainability if prices remain low.
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