Strategy's Bitcoin Strategy
Strategy Generates $263.5 Million from Share Sales; Bitcoin Holdings and Unrealized Losses Persist
Anonymous
Key Points
1
Remaining ATM capacity as of July 19, 2026: $23.5 billion for MSTR common stock, $17.5 billion for STRC, $4.0 billion for STRD, $2.1 billion for STRK and $1.6 billion for STRF.
2
Strategy did not engage in any buyback activity during the period; no shares were repurchased under its buyback programs.
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Bitcoin trading activity was paused for a second consecutive week, with no bitcoin purchases or sales during the period.
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2,732,318 shares of Class A common stock were sold in the week of July 13–19, 2026, generating net proceeds of $263.5 million.
Strategy, the world's largest corporate bitcoin holder, raised $263.5 million by selling shares last week — but did not buy a single bitcoin for the second week in a row. The Block reported that the company sold 2,732,318 Class A shares between July 13 and July 19, 2026, under its at-the-market offering program, while its bitcoin stash stayed locked at 843,775 BTC.
The company's USD reserve climbed to $3.225 billion as of July 19, according to Bitcoin Magazine. That cushion is meant to cover dividends and debt payments. Meanwhile, Strategy's bitcoin holdings — bought for $63.69 billion — are now worth roughly $54.7 billion, meaning the company sits on more than $9 billion in unrealized losses.
Two Weeks Without a Bitcoin Purchase
Strategy paused bitcoin buying for a second straight week. The company made no bitcoin purchases and no bitcoin sales during the July 13–19 period. It also did not repurchase any of its own shares under its buyback programs. The only market activity was the sale of common stock.
According to CoinDesk, Strategy raised its cash reserve by roughly $225 million through the stock sales. The firm's average purchase price for its bitcoin sits at about $75,476 per coin. With bitcoin trading well below that level, the portfolio is deep in the red — but Strategy has not moved to sell.
ATM Program Doing the Heavy Lifting
Strategy uses an ATM — or at-the-market — program to sell shares directly into the stock market and raise cash. As of July 19, it had $23.5 billion in remaining capacity for MSTR common stock alone. It also had $17.5 billion left for STRC shares, $4.0 billion for STRD, $2.1 billion for STRK, and $1.6 billion for STRF.
Value the Markets noted that Strategy announced a separate $21 billion common stock offering back in March 2026. The company said that offering can begin only after it uses up its existing ATM capacity. With $23.5 billion still available, that new program is not expected to launch anytime soon.
$9 Billion Paper Loss Hangs Over the Holdings
Strategy's 843,775 BTC cost the company $63.69 billion in total. At current market prices, those holdings are worth around $54.7 billion, according to Street Insider. That gap — over $9 billion — represents an unrealized loss. The company has not signaled any plan to sell bitcoin to cut those losses.
The $3.225 billion USD reserve acts as a buffer. It includes unsettled proceeds from recent ATM sales. Strategy set aside this cash specifically to keep paying preferred stock dividends and to meet debt obligations. The reserve gives the company room to hold its bitcoin position without being forced to sell.
What Comes Next for Strategy's Bitcoin Strategy
Strategy has not said when it plans to resume buying bitcoin. The company's model — sell stock, buy bitcoin, repeat — has stalled for two consecutive weeks. Whether that pause reflects caution about bitcoin's price, a need to rebuild reserves, or simply timing is not clear from the filing.
The firm still has massive firepower if it chooses to act. Its combined ATM capacity across all share classes tops $48 billion. The Block reported that the company filed an 8-K with the SEC disclosing all of these figures. With bitcoin prices below its average cost basis, Strategy's next move will be closely watched.
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