[DigitalToday reporter Yoonseo Lee] Strategy raised $544.5 million last week by selling MSTR common shares and bought back $25 million worth of STRC preferred shares.

On July 27 (local time), blockchain outlet Cointelegraph reported that Strategy increased its dollar reserves to $3.75 billion but did not buy or sell any additional Bitcoin during the same period.

The purchase extends a broader push by Strategy to reshape its capital structure by adjusting both common share issuance and preferred stock management. From July 20 to 26, Strategy sold 5,429,160 Class A common shares through an at-the-market share issuance program. It secured net proceeds of $544.5 million.

At the same time, the company said in an 8-K filing submitted to the U.S. Securities and Exchange Commission that it bought back 288,930 shares of STRC preferred stock for $25 million. Stock market participants read the move as a signal linked to its preferred stock strategy. Earlier, Michael Saylor (마이클 세일러), who leads the company, wrote on X, formerly Twitter, on July 26, "We’re going to need another color." Some market participants interpreted it as a new preferred stock-related move.

Strategy did not increase its Bitcoin holdings during the period. Its Bitcoin holdings stayed at 843,775 BTC. The average purchase price was $75,476 per Bitcoin, and the total purchase price was $63.69 billion.

Its cash weighting grew instead. Strategy’s dollar reserves rose to $3.75 billion as of July 26 from $3.225 billion a week earlier. Its capital market activity has expanded in parallel with common share issuance and preferred stock products, and it also increased its cash buffer.

Market reaction was mixed. Yahoo Finance data showed MSTR shares rose more than 2 percent in premarket trading on July 27, and STRC preferred shares also gained 2.3 percent to $88.90 before the Nasdaq opened. Separate from the share move, the company’s prioritisation of fund management and liquidity control over additional Bitcoin purchases drew more attention.

Saylor’s other remarks also reignited debate over Bitcoin’s integration into the mainstream financial system. He argued that Bitcoin’s growth depends on integration with traditional financial institutions. He said rejecting a connection between Bitcoin and financial infrastructure would block access to most potential users.

Some Bitcoin supporters pushed back, citing the Bitcoin white paper. They said Bitcoin was originally presented as a peer-to-peer electronic cash system that works without financial institutions. The gap resurfaced between a view that sees banks as a gateway to mass adoption and a view that bank involvement could undermine Bitcoin’s decentralised foundation.

Ultimately, the filing shows Strategy is placing more emphasis on capital raising and building liquidity than on accumulating Bitcoin. With common share issuance, preferred share buybacks and an expansion of dollar reserves proceeding at the same time, attention is focusing less on whether it will buy more Bitcoin and more on how long this capital structure management will continue.

Bitcoin’s core design is set in stone. Protocol changes should be rare, conservative, and driven by necessity, not ambition. Don’t fix what isn’t broken.