Written by Helen Partzstaff writerReviewed by Yohan Yunstaff editor

Written by Helen Partzstaff writer

Reviewed by Yohan Yunstaff editor

Strategy raises $263.5M through MSTR sales, holds 843,775 Bitcoin

Latest NewsPublishedJul 20, 2026

Strategy boosted its cash reserve to $3.225 billion after selling MSTR shares, while investors weighed the value of its STRC preferred stock.

Strategy, the world’s largest corporate holder of Bitcoin, is raising fresh capital through sales of its Class A common stock while maintaining its current Bitcoin holdings.

Strategy raised $263.5 million through sales of its MSTR common stock under its at-the-market (ATM) program between July 13 and July 19, as reported by a Form 8-K filed with the US Securities and Exchange Commission on Monday.

The company made no Bitcoin purchases or sales during the reporting period, leaving its holdings unchanged at 843,775 BTC, acquired for a total purchase price of $63.69 billion. The average acquisition cost of its holdings is $75,476, as reported by Strategy’s website. Bitcoin was last trading at roughly $64,657.

The filing comes as investors debate the value of Strategy’s preferred stock offerings, which the company has increasingly used alongside common stock sales to fund its Bitcoin treasury strategy.

Stock sale boosts Strategy’s cash reserve to $3.225B

Following its latest 2.73 million MSTR share sale, Strategy increased its US dollar reserve to $3.225 billion, up 7.5% from $3 billion a week earlier.

The reserve includes expected proceeds from MSTR stock sales that had not yet been settled and is used to fund dividends on the company’s preferred stock and interest payments on its outstanding debt.

Source: SEC

The latest update follows the previous week’s filing, when Strategy also reported no Bitcoin purchases while raising $466.7 million through its MSTR ATM program. The company did not sell shares under any of its preferred stock ATM programs during either reporting period.

Related: Saylor turns up heat with ‘110 reasons’ why BIP-110 is a bad idea

Strategy still has about $23.5 billion of remaining capacity under its common stock ATM program, giving it notable flexibility to raise additional capital.

STRC valuation debate heats up

Strategy’s STRC preferred stock closed at $85.29 on Friday, while MSTR shares ended the session at $94.85, as reported by Yahoo Finance data.

Credit investor Khing Oei stated in an X post on Sunday that STRC may be undervalued, highlighting that the market is treating it as a simple “14% yield” product rather than valuing its future cash flows.

STRC six-month price chart. Source: Yahoo Finance

“Never value a stream by dividing this year’s coupon by today’s price,” Oei wrote, arguing STRC should be valued more like a bond. His model estimates the preferred stock could be worth around $96 even if Bitcoin never gains value again, based on Strategy’s ability to support dividend payments for decades.

Oei stated leverage is the key driver, arguing that if Bitcoin rises and strengthens Strategy’s balance sheet, STRC could move closer to its $100 par value.

Magazine: Strategy became a symbol of the dot-com crash: Could history repeat?

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