Strategy Adds Another $263 Million to Its War Chest While Waiting for the Next Bitcoin Buy

Strategy isn't buying more Bitcoin—at least not yet. Instead, the company is continuing to build its cash reserves, raising another $263.5 million through sales of its Class A common stock as it prepares for future purchases and meets obligations tied to its growing portfolio of preferred shares.

The latest filing with the US Securities and Exchange Commission shows that between July 13 and July 19, Strategy sold 2.73 million MSTR shares under its at-the-market (ATM) program. During the same period, the company made no Bitcoin purchases or sales, leaving its treasury unchanged at 843,775 BTC.

Those holdings were acquired for approximately $63.7 billion, giving Strategy an average purchase price of $75,476 per Bitcoin.

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Cash Reserve Continues to Grow

While Bitcoin remained untouched, Strategy's cash position continued to strengthen.

The latest equity sale increased the company's cash reserve to approximately $3.23 billion, up from $3 billion the previous week. The reserve includes proceeds from unsettled stock sales and provides liquidity for dividend payments on preferred shares as well as interest obligations on outstanding debt.

The move follows another capital raise just one week earlier, when Strategy generated $466.7 million through additional MSTR share sales without adding to its Bitcoin position. Combined, the two offerings have brought in more than $730 million over the past fortnight while preserving significant financial flexibility.

Even after the latest issuance, Strategy still has roughly $23.5 billion of remaining capacity under its common stock ATM program.

Investors Turn Their Attention to STRC

With Bitcoin purchases temporarily paused, attention has shifted to Strategy's expanding lineup of preferred securities. The company's STRC preferred shares have become the focus of growing debate among investors attempting to determine how the security should be valued.

Credit investor Khing Oei recently argued that the market may be significantly undervaluing STRC by treating it simply as a high-yield instrument rather than pricing in its long-term cash flows.

According to Oei, STRC should be analyzed more like a traditional bond, suggesting the preferred shares could justify a valuation closer to $96, even under conservative assumptions where Bitcoin fails to appreciate further.

His thesis centers on Strategy's balance sheet. If Bitcoin continues rising over time, the company's asset base strengthens, improving its ability to support dividend payments and potentially allowing STRC to trade closer to its $100 par value.

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A Different Pace, Same Strategy

While recent weeks have lacked the headline-grabbing Bitcoin purchases investors have grown accustomed to, Strategy's broader playbook remains unchanged.

Rather than deploying capital immediately, the company appears to be replenishing liquidity through equity markets while preserving the flexibility to expand its Bitcoin holdings when management sees the right opportunity.

With nearly 844,000 BTC already on its balance sheet and billions of dollars in available capital, Strategy remains by far the world's largest corporate Bitcoin holder—and one of the market's biggest potential buyers whenever it decides to return.