Strategy raises $263.5M via stock sale, holds Bitcoin steady

Strategy, the world’s largest corporate holder of Bitcoin, raised $263.5 million through sales of its MSTR common stock under its at-the-market (ATM) program between July 13 and July 19, according to a Form 8-K filed with the SEC 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 stands at $75,476, per Strategy’s website, while Bitcoin last traded near $64,657. Following the sale of 2.73 million MSTR shares, 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 unsettled stock sales and is used to fund dividends on the company’s preferred stock and interest payments on its debt. Strategy still has roughly $23.5 billion of remaining capacity under its common stock ATM program, giving it significant flexibility.

Meanwhile, STRC preferred stock closed at $85.29 on Friday, while MSTR shares ended at $94.85. Credit investor Khing Oei said in an X post that STRC may be undervalued, arguing the market treats it as a simple “14% yield” product rather than valuing its future cash flows. “Never value a stream by dividing this year’s coupon by today’s price,” Oei wrote, estimating 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.

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