Strategy Raises $263. 5 Million and Adds It All to Cash as Its Bitcoin Buying Pause Enters a Second Week - Unchained
Michael Saylor's Strategy raised $263. 5 million in stock and moved it to cash rather than bitcoin, lifting its dollar reserve to $3. 225 billion as its buying pause reached a second week.
Michael Saylor's Strategy raised $263. 5 million in stock and moved it to cash rather than bitcoin, lifting its dollar reserve to $3. 225 billion as its buying pause reached a second week. Posted July 21, 2026 at 5:35 am EST. Michael Saylor’s Strategysold2,732,318 sharesof its Class A common stock for$263. 5 millionlast week and directed the proceeds to cash rather than bitcoin, according to a Monday filing with the Securities and Exchange Commission. The move lifted the company’s US dollar reserve to$3. 225 billionas of July 19, up from $3 billion a week earlier. Strategy reported no bitcoin purchases for the second consecutive week, leaving its holdings unchanged at843,775 BTC. The filing said the reserve exists to support dividends on the company’s preferred stock and interest on its debt. Strategy also made no share repurchases under the buyback programs it authorized last month. This story is an excerpt from theUnchained Daily newsletter. Subscribe here to get these updates in your email for freeFor a company that built its identity on buying bitcoin with nearly every dollar it raised, parking fresh equity proceeds in cash is a meaningful change in posture. The shift follows a new capital framework Strategyadopted last month, which set a floor of at least 12 months of dividend coverage. The dollar reserve has now more than doubled from about $1. 44 billion in late June. MSTRhas fallen over40%this year and nearly80%over the past year, and its variable-rateSTRCpreferred stock trades near $87, below the $100 level it was engineered to hold. Strategy’s shares recently traded at roughly1. 03 timesthe value of its net assets, stripping out much of the premium that once powered its fundraising. Strategy remains the largest corporate holder of bitcoin, with a position bought at an average price of$75,476per coin, well above where bitcoin trades today. Saylor has reframed his longtime “never sell” stance as a pledge tostay a net buyer. Related Listen:Strategy Sold More Bitcoin. Is This a Betrayal of the Bitcoin Ethos?AI-assisted content:This article was produced with the assistance of AI tools and was reviewed, edited, and fact-checked by a member of the Unchained editorial team before publication.