Strategy sold $466.7 million worth of MSTR shares, raising its dollar reserves to $3 billion, but kept its bitcoin holdings unchanged at 843,775 BTC.

On July 13, Cointelegraph reported that Strategy raised new funds by selling 4.8 million Class A common shares through an at-the-market share issuance program from July 6 to 12.

An 8-K filing submitted to the U.S. Securities and Exchange Commission showed Strategy did not buy or sell bitcoin during that period. The average purchase price of its bitcoin holdings was $75,476 per BTC.

Dollar reserves stood at $3 billion as of July 12, up from $2.55 billion a week earlier. The funds will be used to pay preferred share dividends and interest on existing debt. The company said it also included expected proceeds from share sales that have not yet been settled in the reserves.

The company still has room for additional share sales. Strategy currently has a remaining limit of $23.8 billion under its MSTR at-the-market program. That includes a new $21 billion program announced on March 23, and the company said it can begin sales under the additional limit once most of the existing issuance limit is used up.

The move also coincides with bitcoin sales carried out the previous week. Strategy previously said it sold 3,588 BTC for about $216 million last week to bolster dollar reserves and secure funds for preferred dividends. It sold 1,363 BTC from June 29 to 30 at an average of $59,256 and disposed of 2,225 BTC from July 1 to 5 at an average of $60,773.

In a June 29 filing, the company said it secured net proceeds of $1.15 billion by selling 12.7 million MSTR shares via an at-the-market program without additional bitcoin purchases. It has since raised the cash share further this week through share issuance alone, without selling bitcoin.

The trend is also tied to the schedule ahead of the first semi-monthly dividend payment on STRC preferred shares. Strategy said on June 8, as it disclosed a new dividend schedule, that it will use the 15th and the last day of each month as record dates and apply a structure that pays on the next record date. The first semi-monthly record date is June 30, 2026, and the first payment date is scheduled for July 15.

Ultimately, Strategy is placing weight in the short term on securing dollar liquidity while maintaining its large-scale bitcoin holding strategy in the long term. The market is watching how much Strategy will use its remaining share issuance limit and whether it will continue to keep its bitcoin holdings amid the burden of preferred dividends and debt repayments.