Key Highlights
- The company generated approximately $263 million through common stock sales last week, avoiding bitcoin sales
- Shares of MSTR gained roughly 1.2% during pre-market Monday trading, reaching $96
- The firm’s cash position now totals $3.225 billion, while its 843,775 BTC treasury remains intact
- Shares have declined 38% year-to-date in 2026 as bitcoin markets face headwinds
- The equity raise provides liquidity for dividend obligations while preserving cryptocurrency assets
Shares of Strategy (MSTR) moved higher in early Monday trading after the company disclosed it had secured approximately $263 million through an equity offering last week — all while keeping its bitcoin treasury completely untouched.
The shares advanced roughly 1.2% during pre-market hours, reaching $96, as bitcoin also saw a moderate weekend increase to approximately $64,700.
A recent SEC filing shows that Strategy offloaded more than 2.7 million shares of MSTR common stock via its at-the-market equity offering program, bringing in around $263.5 million in proceeds.
Executive chairman Michael Saylor of Strategy announced Monday that the firm’s cash position has reached $3.225 billion. Meanwhile, the company’s bitcoin treasury stands firm at 843,775 BTC, representing approximately $55 billion in current market value.
This capital infusion provides Strategy with additional flexibility to meet dividend commitments without liquidating any portion of its digital asset holdings — a delicate balance the organization has been managing with precision.
Year-to-date, MSTR has fallen 38% since the beginning of 2026. An extended bitcoin bear market has intensified scrutiny on the company’s complex capital structure, which includes preferred shares carrying mandatory dividend payments that demand regular cash flow.
The Rationale Behind Equity Sales Over Bitcoin Liquidation
In late June, Strategy received board authorization to sell up to $1.25 billion worth of its bitcoin holdings to strengthen cash reserves and support dividend payments. Simultaneously, the board approved up to $2 billion in share repurchase authority, equally divided between preferred and common shares.
However, despite this authorization, Strategy has maintained its BTC position unchanged for two consecutive weeks. The company did liquidate approximately 2,225 bitcoin in early July — generating about $216 million — marking its first significant bitcoin disposal after years of relentless accumulation.
This sale represented a remarkable shift for an organization that had constructed its corporate identity around bitcoin accumulation since August 2020.
Back in February 2025, Saylor famously declared on X: “Never sell your bitcoin.” This principle remained sacrosanct for years until mounting financial obligations necessitated a strategic recalibration.
Building a Liquidity Cushion
Toward the end of last year, Strategy established a designated cash reserve specifically to service interest obligations and dividend payments on its preferred equity. This reserve has expanded to $3.225 billion after the most recent stock sale.
For two consecutive weeks, Strategy has opted to generate capital through equity offerings rather than cryptocurrency liquidation.
The firm’s approach appears centered on safeguarding its BTC position to the maximum extent feasible while leveraging equity capital markets to satisfy immediate cash requirements.
Strategy maintains its position as the world’s preeminent corporate bitcoin holder by a substantial margin, with 843,775 BTC on its balance sheet.
Based on bitcoin’s current trading price near $64,700, the company’s digital asset treasury carries a market value approaching $55 billion.
