Strategy sells MSTR shares, adds $263.5M to USD reserves without touching Bitcoin

Strategy raised about $263.5 million in net proceeds by selling MSTR common stock through an at-the-market program between July 13 and 19, according to company disclosures cited by CoinDesk. The cash was deposited into the firm's U.S. dollar reserve account to fund preferred dividend payments and meet debt obligations. Strategy reported no Bitcoin sales during the same period. As of July 19, Strategy's U.S. dollar reserves stood at $3.225 billion. The latest increase extends a two-week build of roughly $675 million, marking a second straight week in which the company tapped equity issuance to bolster liquidity. In the prior week, Strategy raised about $466.7 million via common stock sales. The at-the-market structure lets the company sell newly issued shares in increments directly into the open market, avoiding separate, traditional underwritten deals. In the latest week, Strategy sold 2,732,318 common shares. Executive Chairman Michael Saylor posted that U.S. dollar reserves increased by $225 million. As of July 19, Strategy still held 843,775 BTC, about 4% of Bitcoin's fixed supply. Disclosures indicate the company has seldom reduced its Bitcoin position since 2020; the most recent sale occurred from late June into early July, when it sold 3,588 BTC for roughly $216 million. Strategy said the U.S. dollar reserve account is primarily designated for preferred dividend payments and debt obligations. Holders of preferred securities—including STRC, STRK, STRF, and STRD—rank ahead of common shareholders in claim priority, a structure that continues to draw market scrutiny. The report noted that Peter Schiff criticized Strategy for diluting common equity to protect preferred holders without selling Bitcoin. Market participants are also watching whether future Bitcoin sales could weigh on price support. Strategy's reported average cost basis for its 843,775 BTC is about $75,476 per coin, and investors frequently track weekly reserve movements as a proxy for the firm's funding posture and perceived institutional demand.