Strategy Raises $263.5M via MSTR Share Sales, Keeps Bitcoin Holdings Flat

Strategy raised $263.5 million through sales of MSTR stock but did not buy or sell Bitcoin, leaving its Bitcoin treasury unchanged at 843,775 BTC for a second straight week. In a filing with the U.S. Securities and Exchange Commission, the company said it sold 2,732,318 Class A common shares between July 13 and July 19 under its atthemarket program, generating $263.5 million in net proceeds. No activity was reported under its preferred stock offerings (STRF, STRC, STRK, STRD), and the company also completed no share repurchases during the period. Strategy said approximately $23.53 billion remains available under the MSTR atthemarket program, including expanded capacity announced in March. Cash reserves climbed to $3.225 billion as of July 19, up from about $3 billion a week earlier. The company said the U.S. dollar reserve is used to support preferred stock dividend payments and interest obligations on outstanding debt, and the balance includes expected proceeds from stock sales that have not yet settled. The SEC filing reiterated that Strategy accumulated its 843,775 BTC for about $63.69 billion, implying an average purchase price of $75,476 per Bitcoin. The company noted its holdings remained below its average acquisition cost during the reporting window. Separately, investor Khing Oei said the market appears to price Strategy's STRC preferred stock more like a highyield instrument than on longerterm cashflow expectations. He estimated the preferred shares could trade closer to their $100 par value under a bondbased valuation model.