Strategy has raised about $466.7 million through the sale of its MSTR shares while leaving its bitcoin holdings unchanged, according to an 8-K filing submitted to the U.S. Securities and Exchange Commission (SEC) on Monday.
The company sold 4,818,781 MSTR shares between July 6 and July 12. Unlike previous weeks, it did not buy or sell any Bitcoin during the period. Instead, the proceeds were used to strengthen its cash position, increasing its U.S. dollar reserves by about $450 million to $3 billion as of July 12.
Strategy continues to hold 843,775 BTC, acquired at an average price of $75,476 per bitcoin for a total purchase cost of about $63.7 billion, including fees and expenses.
Why did Strategy sell shares instead of buying more Bitcoin?
The latest filing shows Strategy is prioritizing liquidity over expanding its Bitcoin holdings. Rather than using the proceeds to acquire more BTC, the company added to its cash reserves as it adjusted to its recently introduced Digital Credit Capital Framework.
The Bitcoin treasury firm still controls roughly 4% of Bitcoin’s maximum supply of 21 million coins. Based on current market prices, its holdings are valued at about $53 billion, leaving the company with unrealized losses of around $10.7 billion.
Following the filing, Bitcoin traded near $63,000, while MSTR shares fell about 2.6% in pre-market trading.
Saylor’s latest post sparks speculation again
Executive Chairman Michael Saylor posted another bitcoin tracker chart on X with the message,
“Orange dots tell only part of the story.”
His Sunday posts have often been viewed as hints of upcoming bitcoin purchases. However, recent messages have become less predictable. A similar post earlier this month came before Strategy disclosed the sale of 3,588 BTC for $216 million, the company’s largest bitcoin sale to date.
The latest filing confirmed no additional bitcoin transactions were made during the past week.
What does Strategy’s new capital plan mean?
Strategy recently introduced a Digital Credit Capital Framework designed to manage its financing needs. The framework limits the use of its cash reserves to preferred stock dividends and interest payments.
The company also approved a $1 billion share buyback program and a Bitcoin Monetization Program that allows up to $1.25 billion in bitcoin sales to support reserves, dividends, interest payments and securities repurchases.
However, VanEck’s Matthew Sigel noted that the company’s recent sale of 3,588 BTC was completed outside the new monetization program, suggesting Strategy could still have additional capacity to sell bitcoin if needed.
According to Bitcoin Treasuries data, 197 public companies now hold bitcoin on their balance sheets. Strategy remains the largest corporate bitcoin holder, ahead of Twenty One, Metaplanet, MARA, and Bitcoin Standard Treasury Company.
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