Company disclosures show that Strategy sold MSTR common shares through an at-the-market offering between July 13 and 19, raising net proceeds of approximately $263.5 million. The proceeds were deposited into the U.S. dollar reserve account to pay preferred dividends and cover debt obligations; the company did not sell any Bitcoin during the same period.
Two-week cumulative deposit increase: $675 million
As of July 19, Strategy’s U.S. dollar reserves increased to $3.225 billion. This marks the second consecutive week the company has chosen to sell shares to supplement cash. In the previous week, Strategy also raised approximately $466.7 million through the issuance of common stock.
The at-the-market offering program allows the company to sell new shares in batches on the open market without needing to arrange separate traditional underwritten transactions. For Strategy, this tool has become one of the primary channels for supplementing liquidity.
- This week, 2,732,318 common shares were sold.
- This week's net fundraising amounted to approximately $263.5 million.
- Approximately $675 million in new reserves added over two weeks.
843,775 BTC remain unchanged
Michael Saylor later confirmed on social media that the company’s U.S. dollar reserves increased by $225 million. As of July 19, Strategy still holds 843,775 BTC, accounting for approximately 4% of Bitcoin’s fixed supply.
According to reported data, Strategy has rarely reduced its Bitcoin holdings since 2020. The most recent sale occurred at the end of June to the beginning of July, when the company sold 3,588 BTC, cashing out approximately $216 million.
Funds are prioritized to cover dividends and debt.
The company disclosed that the U.S. dollar reserve account is primarily used for preferred dividend payments and debt obligations. Investors holding preferred securities such as STRC, STRK, STRF, and STRD have a higher claim priority than common shareholders.
This arrangement has also sparked market discussion. The report noted that Peter Schiff criticized the company for protecting preferred shareholders' interests by diluting common shareholders' equity without selling Bitcoin. Meanwhile, the market is also watching to see whether further Bitcoin sales by Strategy could exert downward pressure on price support.
Additional information: According to the report, Strategy's average purchase price for its 843,775 BTC is approximately $75,476 per coin. Its weekly reserve changes have been closely monitored by the market, as the company’s funding and trading activities are often seen as key indicators of institutional demand.