TLDR
- Strategy sold 2.73 million MSTR shares for $263.5 million.
- The company raised its U.S. dollar reserve to about $3.2 billion.
- Strategy did not buy Bitcoin for the fourth straight week.
- Bitcoin holdings remained unchanged at 843,775 BTC.
- Strategy said its Bitcoin reserve could cover about 31 years of dividends.
Strategy raised its U.S. dollar reserve through a fresh MSTR stock sale while keeping its Bitcoin holdings unchanged for the fourth straight week.
Strategy Sells MSTR Shares to Raise Cash
Michael Saylor’s Strategy sold 2,732,318 Class A common shares through its at-the-market offering program during the week ending July 19, 2026. The company raised about $263.5 million in net proceeds after commissions.
The proceeds were added to Strategy’s U.S. dollar reserve, which now stands near $3.225 billion. Saylor wrote,
“Strategy has increased its USD Reserve by $225 million.”
Strategy did not buy any Bitcoin during the same reporting period. The pause marks the fourth straight week without a new BTC purchase by the company.
The filing also showed that Strategy did not issue or redeem any preferred securities during the week. The company also made no share repurchases under its approved buyback programs.
Bitcoin Holdings Remain at 843,775 BTC
Strategy continues to hold 843,775 BTC, keeping its position as the largest corporate Bitcoin holder. The company bought those coins for about $63.69 billion, at an average cost of $75,476 per BTC.
Saylor confirmed the reserve figures in a post, writing, “As of 7/19/2026, we hodl ₿843,775 in our BTC Reserve and $3.2 billion in our USD Reserve.” The statement showed that Strategy raised cash without reducing its Bitcoin reserve.
Source: Arkham
The company’s Bitcoin reserve was valued near $55 billion based on recent market prices. That places the holding below its total purchase cost, creating about $9 billion in paper losses.
Strategy still has about $23.53 billion of issuance capacity under its common stock ATM programs. That remaining capacity gives the company room to raise more capital through future share sales.
Cash Reserve Supports Dividend Payments
Strategy has been building a cash buffer as its dividend and interest obligations grow. The company faces about $1.76 billion in annual payments tied to its preferred stock classes.
Its STRC perpetual preferred stock has traded below its $100 par value since mid-May. Strategy raised the STRC dividend to 12%, from 11.5%, effective July 1, to support the preferred share price.
The company also introduced its Digital Credit Capital Framework on June 29. The framework created a formal U.S. dollar reserve policy and authorized buybacks of up to $1 billion each for preferred and common shares.
The framework also created a Bitcoin Monetisation Programme. That program allows Strategy to sell up to $1.25 billion of BTC to support reserves, dividends, or repurchases when needed.
Strategy Points to Long Dividend Runway
Strategy Corporate Treasurer Chaitanya Jain said the company’s Bitcoin reserve could cover about 31 years of dividends. He also said the dollar reserve could cover about 1.8 years of dividend payments.
That estimate places Strategy’s Bitcoin reserve at the center of its long-term capital plan. The company is using stock sales to strengthen its cash position while keeping its BTC stack intact.
Strategy Says Bitcoin Reserve Could Cover 31 Years of Dividends
Strategy Corporate Treasurer Chaitanya Jain said the company’s Bitcoin reserve could cover approximately 31 years of dividends, while its U.S. dollar reserve could cover around 1.8 years. Strategy founder Michael… pic.twitter.com/cUIUb6vS4I
— Wu Blockchain (@WuBlockchain) July 21, 2026
The latest update comes after a previous MSTR stock sale of about $466.7 million. Investors continue to watch whether more common share sales will raise dilution concerns.
