Strategy taps $335.5M in MSTR stock sales, parks $300M in cash to support its Bitcoin funding stack

Strategy, formerly MicroStrategy, raised $335.5 million last week through at-the-market sales of its common stock (MSTR), then kept most of the money in cash as it moved to reinforce the preferred-securities structure that has underpinned its Bitcoin accumulation. The company sold roughly 2.71 million MSTR shares between June 15 and June 21. It added $300 million to its U.S. dollar reserve, taking that pool to $1.4 billion, and used the remaining $34.9 million to buy 520 Bitcoin. The shift came as Strategy's STRC perpetual preferred shares slid to a record intraday low of $82.50. STRC was intended to trade close to its $100 stated value and has become a central funding channel for Strategy's Bitcoin purchases. Strategy did not sell any preferred shares during the week, relying solely on common-stock issuance. By leaning on MSTR, the company diluted common shareholders but increased liquidity to cover dividends and interest obligations across its expanding capital structure. STRC designed to fund Bitcoin, but issuance window narrows STRC has about $10.5 billion in stated value outstanding and pays an annualized dividend of 11.5%. Strategy typically issues new STRC when it trades at or above $100, using proceeds to buy Bitcoin or meet corporate needs. With STRC trading below stated value, selling more would generate less cash while still adding dividend obligations calculated on the full $100 amount. Instead, Strategy issued common shares and boosted cash reserves. Quinn Thompson, chief investment officer at Lekker Capital, said the move signaled the company was responding to investor concerns. He said: "This is exactly what we've been advocating for — use MSTR issuance to raise cash to bolster the balance sheet." Thompson added that stronger liquidity should support preferred securities and other senior claims in the capital stack, while reducing the risk Strategy would need to sell Bitcoin to meet obligations. Thompson also warned additional common-stock issuance could keep pressure on MSTR. Strategy's latest filing showed diluted shares increased to about 388.6 million from 386.1 million a week earlier. Its year-to-date BTC Yield—a company metric tracking changes in Bitcoin holdings relative to diluted shares—fell to 11.8% from 13% four weeks earlier, reflecting the cost of issuing equity while directing most proceeds to cash instead of additional Bitcoin. STRC rebounds off the lows, but remains pressured After the reserve update, STRC rebounded above $91 before closing Monday at $88.64. MSTR rose early but reversed, ending down 2.7% at $109.52. Bitwise Europe attributed the sharp drop in STRC partly to forced liquidations by leveraged investors rather than a sudden deterioration in Strategy's ability to meet obligations. Still, the selloff highlighted concerns about how sensitive the preferred shares are to Bitcoin prices, market liquidity, and interest rates. STRC has no maturity date and there is no guarantee it returns to $100. Supporters argue the discount can draw buyers because the $11.50 annual dividend translates into a higher effective yield below par. Samson Mow, CEO of Bitcoin firm JAN3, called this a "self-repairing mechanism": Strategy avoids issuing new preferred shares below $100, while elevated yield and the prospect of capital gains can attract demand. At a $90 price, a $11.50 annual dividend implies an effective yield of about 12.8%. If STRC returned to $100 within a year, an investor would also realize an 11.1% capital gain, assuming the dividend remains unchanged. Strategy is not required to redeem the shares at stated value. Strategy CEO Phong Le said he bought $1 million of STRC during the decline and plans to hold the position until it reaches $100, and potentially longer. Why STRC matters for Bitcoin demand STRC's condition extends beyond preferred holders because the instrument financed a large share of Strategy's Bitcoin purchases in 2026. Strategy has acquired about 174,300 Bitcoin this year, according to Bitwise estimates. André Dragosch, head of research at Bitwise Europe, estimated roughly 96,000 Bitcoin—about 55% of the total—was financed through STRC issuance, with most of the remainder funded by common-stock sales. Those buys have made Strategy a major source of institutional demand for Bitcoin as global exchange-traded products have posted net outflows. Dragosch said Strategy's purchases have offset much of the negative institutional demand from Bitcoin investment products this year. If STRC remains depressed for an extended period, Strategy's Bitcoin buying could slow until the preferred shares recover, the dividend is increased, or sovereign bond yields fall enough to make STRC more competitive. The latest week's activity reflected that constraint: only about 10% of the capital raised went into Bitcoin, and the 520-coin purchase was far smaller than the 1,587 Bitcoin bought a week earlier. Strategy still has substantial fundraising capacity. The filing showed about $25.4 billion remaining under its MSTR issuance programs and $17.5 billion under its STRC program. That STRC capacity is unlikely to be used aggressively while the shares trade below $100, leaving MSTR as the most immediate capital source as long as the common stock continues to trade at a sufficient premium to Strategy's asset value.