Strategy Raises $225M in Cash Through Stock Sales, Keeping Its Massive Bitcoin Stack Intact

TL;DR

• Strategy raised its dollar reserves to $3.225 billion after selling common shares for $263.5 million, without modifying its bitcoin holdings.
• The firm kept its BTC position unchanged for the second consecutive week, prioritizing liquidity to cover preferred share dividends.
• With 843,775 BTC valued at nearly $55 billion at the current price, Strategy remains the world’s largest corporate holder of bitcoin.

Strategy strengthened its cash reserves for the second consecutive week without acquiring new bitcoins. Michael Saylor, the company’s chief executive officer, confirmed that the firm now holds a dollar reserve of $3.225 billion alongside its treasury of 843,775 BTC. The operation was completed through the sale of more than 2.7 million MSTR shares via its at-the-market stock offering program, generating gross proceeds of approximately $263.5 million.

A regulatory filing submitted to authorities confirmed the details of the transaction. The MSTR share is trading up 1.2% at $96 in the pre-market session, tracking a modest recovery in the price of bitcoin, which was hovering around $64,700.

Strategy has increased its USD Reserve by $225 million. As of 7/19/2026, we hodl ₿843,775 in our BTC Reserve and $3.2 billion in our USD Reserve. $MSTR $STRC https://t.co/sci7bZHzsy

— Michael Saylor (@saylor) July 20, 2026

Strategy Grapples with Pressure on Its Financing Model

The decision to accumulate liquidity rather than buy more BTC reflects the tensions facing the company’s financing model. The increasingly complex structure of debt and dividend-paying preferred shares came under intense pressure during the latest crypto market downturn, forcing the company to prioritize building a cash buffer.

Earlier this month, Strategy disclosed the sale of approximately $216 million in bitcoin, an unusual reduction in its BTC holdings that marked its first significant divestment after years of near-uninterrupted accumulation. Prior to that transaction, the firm had approved a new bitcoin monetization program that contemplated the sale of up to $1.250 billion from its BTC treasury to fund reserves and dividends.

Despite the shift in dynamics, Strategy retains its absolute dominance in the corporate bitcoin market by a wide margin. At the current price of $64,700 per unit, its treasury of 843,775 BTC is equivalent to nearly $55 billion, a figure no other public company comes close to matching.