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BTC Last week, Strategy injected $225 million into its cash reserves, but did not sell any bitcoins. According to the company's latest filings with the U.S. Securities and Exchange Commission, the Bitcoin treasury company sold 2.732,318 million shares of MSTR common stock through its market-to-market offering plan between July 13 and 19, raising a net amount of US$263.5 million. The mark-to-market offering plan allows companies to gradually sell new shares on the open market without arranging traditional bank transactions. The move is in line with the company's move to raise $466.7 million last week through a common stock issue.
The cash raised goes directly into Strategy's so-called "dollar reserves"-a dollar fund dedicated to paying dividends and paying down debt. According to the document, as of July 19, the reserve had reached US$3.225 billion. At the top of the payment queue are preferred shareholders-who have purchased specific dividend-paying securities issued by Strategy, such as STRC, STRK, STRF or STRD. Preferred shareholders are essentially income-based investors: they regularly collect dividends rather than betting on stock prices rising and get paid earlier than ordinary MSTR buyers. Ordinary shareholders-those who hold MSTR shares-receive residual income.
Michael Saylor confirmed the update in a tweet, saying Strategy has "increased its U.S. dollar reserves by $225 million" and that the company still holds all 843,775 bitcoins-approximately 4% of the fixed supply of 21 million bitcoins. As the world's largest Bitcoin treasury company, Strategy rarely uses its Bitcoin positions. According to tracking data, the company has reduced its holdings only six times since 2020, three of which occurred in 2026. The most recent reduction was from late June to early July, when 3588 bitcoins were sold for approximately $216 million, based on a formal capital framework approved by the board at the end of June, which allowed the sale of up to $1.25 billion in bitcoins to replenish reserves.
Strategy's Bitcoin position remained unchanged this week. The company has instead opted to issue new shares-or additional MSTR shares, which will dilute existing common shareholders (each new share issued will slightly shrink the company's share per existing share), thereby protecting investors at the front of the payment queue. Peter Schiff, a well-known gold advocate and long-time doubter of Bitcoin, wrote rudely that Strategy "does not need to sacrifice common shareholders for preferred shareholders without selling Bitcoin." He suggested that the company might be reluctant to sell Bitcoin because it was worried that the market would not be able to withstand a large-scale sell-off without prices plunging, which may be reasonable given the company's huge Bitcoin pool.
Schiff has been predicting a Bitcoin crash for more than a decade, but the structural contradiction he points out here-common shareholders are bearing the cost of maintaining preferred shareholders 'earnings-has also been mentioned by other analysts. The reason why all this is so popular is simple: Strategy is more than just a company. Its weekly cash reserve updates have become a benchmark for the crypto market. When it buys, the price of Bitcoin tends to fluctuate with it; when it sells, or simply stops buying, market analysts pay attention. The company purchased 843,775 bitcoins at an average price of $75,476 each, resulting in a paper loss of approximately $9.6 billion at current prices-this is just a paper loss, meaning that no actual cash was lost before selling. In two weeks, U.S. dollar reserves increased by $675 million, all from stock issues.
Earlier this year, Michael Saylor said that his company "may buy all the bitcoins mined by miners between now and 2140." This is equivalent to approximately 1 million pieces. Prediction market users believe he is unlikely to deliver on this promise-at least until 2027.
