TLDR
- Strategy sold 4.82M MSTR shares for $466.7M in net proceeds.
- Strategy’s USD reserve increased to $3B after the share sale.
- Michael Saylor made no Bitcoin purchases or sales during the week.
- MSTR still holds 843,775 BTC at an average cost of $75,476.
- Peter Schiff questioned why Strategy sold MSTR shares instead of BTC.
Strategy raised about $466.7 million through common stock sales and kept its 843,775 BTC reserve untouched, drawing fresh questions from Peter Schiff over why the company sold MSTR shares instead of Bitcoin.
Strategy Builds USD Reserve Without Buying Bitcoin
Strategy disclosed in an SEC filing that it sold 4,818,781 Class A common shares between July 6 and July 12 through its at-the-market equity program. The company said the stock sales generated about $466.7 million in net proceeds.
Strategy has increased its USD Reserve by $450 million. As of 7/12/2026, we hodl ₿843,775 in our BTC Reserves and $3.0 billion in our USD Reserves. $MSTR $STRC https://t.co/OdFbjLuCTP
— Michael Saylor (@saylor) July 13, 2026
The proceeds were added to Strategy’s U.S. dollar reserve, which rose to $3 billion. The company said the reserve is used to support dividend payments on preferred stock and interest payments on outstanding debt.
Strategy made no Bitcoin purchases or sales during the week. Its BTC holdings remained unchanged at 843,775 coins, acquired for about $63.69 billion including fees and expenses.
The company’s average purchase price stands at $75,476 per Bitcoin. With Bitcoin trading near $63,000, Strategy’s BTC position was worth about $53 billion, leaving the company with roughly $10.7 billion in paper losses.
Michael Saylor said on X,
“Strategy has increased its USD Reserve by $450 million.” He added, “As of 7/12/2026, we hodl ₿843,775 in our BTC Reserves and $3.0 billion in our USD Reserves.”
Peter Schiff Questions Strategy’s Capital Choice
The filing drew criticism from economist Peter Schiff, who questioned why Strategy sold common stock instead of Bitcoin. According to Schiff, the company is authorized to sell BTC to buy back discounted MSTR shares.
Schiff wrote, “Given that you are authorized to sell Bitcoin to buy back discounted MSTR, why did you sell MSTR to raise cash instead of selling Bitcoin?” He argued that issuing stock at a discount to Bitcoin value per share could hurt shareholders.
Schiff added, “By selling MSTR at a huge discount to its Bitcoin value per share, you needlessly destroyed shareholder value just to avoid selling Bitcoin.” His comments reflect his long-running criticism of Bitcoin treasury strategies and Saylor’s corporate model.
Given that you are authorized to sell Bitcoin to buy back discounted MSTR, why did you sell MSTR to raise cash instead of selling Bitcoin? By selling MSTR at a huge discount to its Bitcoin value per share, you needlessly destroyed shareholder value just to avoid selling Bitcoin.
— Peter Schiff (@PeterSchiff) July 13, 2026
In another post, Schiff said, “By not selling Bitcoin, Saylor is proving that he can’t sell Bitcoin without crashing the market.” That claim is disputed and has not been proven, but it shows the pressure surrounding Strategy’s decision not to sell more BTC after its recent disposal.
Strategy sold 3,588 BTC for about $216 million on July 5, its largest Bitcoin sale so far. The sale followed years of public messaging built around Bitcoin accumulation, making the company’s current capital choices a major focus for investors.
Cash Buffer Becomes Central to Strategy’s Model
Strategy’s capital structure has changed as preferred instruments such as STRC created new fixed payment obligations. Those payments require dollar liquidity whether Bitcoin rises or falls.
The $3 billion reserve gives Strategy a larger cash cushion for dividends and debt service. Selling common stock allows the company to raise dollars without reducing its Bitcoin holdings, but it also dilutes existing shareholders.
The choice shows how Strategy is balancing two goals: preserving its Bitcoin treasury and funding obligations tied to its expanded capital structure. The company issued no preferred stock under its STRF, STRC, STRK or STRD facilities during the week.
MSTR shares fell about 3% in premarket trading after the filing, while Bitcoin slipped below $63,000. The stock is down about 38% this year, while Bitcoin has also fallen sharply from earlier levels.
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