Strategy, the company formerly known as MicroStrategy, now holds $3.2 billion in USD reserves after adding $225 million to its cash pile. The company’s Bitcoin stash remains at 843,775 BTC, making it the largest corporate holder of the asset on the planet by a wide margin.
The numbers behind the pause
Strategy’s Bitcoin holdings carry a total cost basis of approximately $63.69 billion. That works out to an average acquisition price of roughly $75,476 per BTC across its entire portfolio.
In early July 2026, Strategy sold 3,588 BTC for approximately $216 million. The purpose was straightforward: cover preferred stock dividends and rebuild liquidity. After that sale, the company held its current 843,775 BTC alongside $2.55 billion in cash, which has since grown to $3.2 billion.
The company also raised roughly $467 million through at-the-market equity offerings of its Class A common stock. This time the proceeds went toward the balance sheet rather than the order book.
Strategy made zero Bitcoin purchases during the most recent weekly reporting period.
Why the cash buildup matters
The dividend obligations are a real constraint. When you’ve issued preferred stock that requires regular cash payouts, you need actual dollars, not Bitcoin. Selling 3,588 BTC to meet those obligations shows the practical tension between being a Bitcoin maximalist and running a public company with fiduciary duties.
The fact that they raised $467 million through equity sales rather than debt is worth noting. Selling stock dilutes existing shareholders, but it doesn’t add leverage to an already Bitcoin-concentrated balance sheet.
What this means for Bitcoin and for investors
The market appears to have absorbed Strategy’s 3,588 BTC sale without any significant disruption. Selling over $200 million worth of Bitcoin to fund dividends could have spooked traders, but it didn’t.
The $63.69 billion cost basis against 843,775 BTC creates a breakeven price around $75,476 per coin. When BTC trades well above Strategy’s average cost, the company’s balance sheet looks healthy. When it trades near or below that level, the math gets uncomfortable fast.