Strategy Sells $263.5M in MSTR Stock, Lifts Cash to $3.2B, Leaves BTC Untouched

Strategy added roughly $225 million to its cash reserve last week by selling common stock rather than tapping its bitcoin stash, according to a regulatory filing. The move lifts the company’s dollar reserve to $3.225 billion while its 843,775 BTC holding — worth about $54.6 billion — remains untouched for a second straight week.

The filing shows Strategy offloaded more than 2.7 million MSTR shares for approximately $263.5 million through its at-the-market equity program. Executive Chairman Michael Saylor confirmed the updated reserve figures on Monday. MSTR shares were up about 1.2% in pre-market trading, near $96, while bitcoin traded around $64,700-$65,500 over the weekend.

Equity, Not Bitcoin, Funds the Buffer

The choice to raise cash through stock rather than crypto sales marks a deliberate shift in tactics. For two consecutive weeks now, Strategy has opted to dilute its share count via the ATM program instead of drawing down its bitcoin position, a pattern that stands in contrast to its historical playbook of near-continuous BTC accumulation funded by capital raises.

The cash build comes as the company works to rebuild liquidity that was strained during the recent crypto downturn, a period that put pressure on Strategy’s increasingly complex financing structure, which relies heavily on dividend-paying preferred stock. Maintaining a healthy dollar reserve is critical for meeting those preferred dividend obligations without forcing further bitcoin sales.

A Rare BTC Sale Still Looms Large

Earlier this month, Strategy disclosed a sale of about $216 million worth of bitcoin — a rare reduction in its holdings and the first significant sale after years of steady buying. That transaction followed the board’s approval of a broader bitcoin monetization program permitting the sale of up to $1.25 billion of its BTC stash specifically to shore up cash reserves and fund dividend payments.

Against that backdrop, the latest $225 million raised purely from equity sales suggests the company is trying to avoid drawing further on the $1.25 billion bitcoin-sale authorization for now, at least while MSTR shares remain sellable on favorable terms.

Why It Matters for Bitcoin Holders

Strategy remains the largest corporate holder of bitcoin globally, so any change in how it manages liquidity — stock sales versus BTC sales — is closely watched by the market. Keeping the 843,775 BTC position intact while using equity dilution to fund operations signals the company still wants to preserve its bitcoin exposure as a core thesis, even as it navigates a tighter capital environment.

For investors, the $3.225 billion cash buffer offers some reassurance that dividend payments on Strategy’s preferred stock are covered without an immediate need to liquidate bitcoin. But the earlier $216 million BTC sale and the standing $1.25 billion sale authorization remain a reminder that the company’s bitcoin holdings are not entirely off the table if liquidity pressures resurface.

Read more: Strategy’s 113th BTC Signal Meets Doubt After 3,500 BTC Sale, $3B Cash Buffer

Sources

• decrypt.co
• coindesk.com