Strategy sold 2,732,318 shares of MSTR common stock, securing net proceeds of $263.5 million and increasing its dollar reserve to $3.225 billion.

On July 20 (local time), blockchain media outlet Decrypt reported that the company increased its cash-like resources without selling a single bitcoin from July 13 to 19.

The fundraising was carried out through an at-the-market sale program. The company raised funds by gradually selling newly issued common stock into the market. It placed the net inflow into a dedicated dollar reserve used to pay dividends and repay debt. Strategy also raised $466.7 million through a common stock issuance last week, bringing the total cash accumulated from share sales over the past two weeks to $675.0 million.

Michael Saylor (마이클 세일러), who leads the company, said on X, formerly Twitter, that the company increased its dollar reserve by about $225.0 million. He said that as of July 19 the company held a bitcoin reserve of 843,775 BTC and a dollar reserve of $3.2 billion.

Strategy is considered the world's largest listed company by bitcoin holdings, but it has recently shown a pattern of prioritising stock issuance over bitcoin sales. Under a capital management framework approved by the board at the end of June, the company is also set up to allow bitcoin sales of up to $1.25 billion. It did sell 3,588 BTC for about $216.0 million between late June and early July, but it did not use that option this week.

In this structure, preferred shareholders are protected first. Holders of dividend-type securities such as STRC, STRK, STRF and STRD rank ahead of common shareholders in dividend and redemption priority. MSTR common shareholders, by contrast, face the burden of dilution as new share issuance is repeated.

This prompted criticism inside and outside the market over the funding method. Peter Schiff (피터 시프), a prominent bitcoin sceptic, said Strategy was unnecessarily sacrificing common shareholders to protect preferred shareholders while not selling bitcoin. He argued that the company may be concerned that large-scale bitcoin sales could lead to a sharp price decline, and said that otherwise there would be no reason to deliberately create negative bitcoin returns.

Strategy's choice is drawing attention because the company's cash management is treated like a signal for the cryptocurrency market. Markets often react when the company buys bitcoin, and investors also move sensitively when it stops buying or starts selling.

The company's 843,775 BTC is about 4 percent of bitcoin's total issuance cap of 21 million coins. The average purchase price for that amount is $75,476 per coin. Unrealised losses were put at about $9.6 billion, but an actual cash outflow does not occur until the holdings are sold.

Saylor earlier this year said the company could effectively buy virtually all bitcoin that will be mined from now until 2140. Still, Strategy's recent moves show it is placing more weight on expanding its cash buffer and managing payment resources than on additional bitcoin purchases.

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