Strategy Raises Bitcoin Sale Cap to $5 Billion

Strategy has made Bitcoin the centerpiece of its corporate treasury strategy, financing purchases through sales of common and preferred stock. The model championed by Michael Saylor has tied the company’s valuation closely to the cryptocurrency while creating recurring dollar obligations, including preferred-stock dividends. The latest disposal shows Strategy using part of its Bitcoin holdings to balance shareholder payouts, share-price support and liquidity needs.

In the week ended Aug. 2, Strategy sold 1,638 Bitcoin for about $104.7 million, its first sale since June, reducing its holdings to 842,138 tokens. The company allocated roughly half of the proceeds to preferred-stock dividends and the remainder to repurchases of STRC shares. The transaction extended Strategy’s estimated dollar liquidity runway to 2.3 years, giving it more capacity to meet cash commitments without relying solely on new capital issuance.

Strategy, formerly known as MicroStrategy (Nasdaq: MSTR), has long raised funds through stock and debt issuance to buy Bitcoin and has become the world's largest publicly traded corporate holder of the cryptocurrency. Its asset allocation and financing capacity affect investors in MSTR common and preferred shares, while its U.S. dollar reserve is an important safeguard for the company's continued payment of preferred-stock dividends.

In the week ended July 19, 2026, Strategy raised funds by selling common stock and purchased 520 Bitcoin for about $34.9 million, bringing its total holdings to 847,363 BTC. The company also added $300 million to its U.S. dollar reserve, lifting its cash holdings to $1.4 billion to strengthen its capacity to pay preferred-stock dividends.

Strategy, formerly known as MicroStrategy, has treated Bitcoin as a core treasury asset since August 2020 and has continued adding to its holdings through equity and debt financing. The strategy, led by Michael Saylor, has made it the world’s largest publicly traded corporate holder of Bitcoin while closely tying its share price to cryptocurrency market movements.

Strategy disclosed in a Form 8-K filed on July 13, 2026, that it had raised funds through its at-the-market equity offering programs during the previous week and purchased 1,587 Bitcoin for about $100 million. The transaction increased its total holdings to 846,842 Bitcoin, with cumulative acquisition costs exceeding $64 billion.

Strategy, formerly MicroStrategy, began adding Bitcoin to its balance sheet in 2020 and continued buying through debt and equity issuance, becoming the world’s largest publicly traded corporate holder of the cryptocurrency. Executive Chairman Michael Saylor has long promoted a “never sell” message. Although the disposal was small, it raises questions about whether Bitcoin reserves can also serve as a liquidity backstop for the company’s preferred-share “digital credit” business.

Strategy sold 32 BTC from May 26 through May 31, 2026, at an average price of $77,135 each, raising about $2.5 million. It disclosed the sale to the SEC on June 1 and said the proceeds were intended to fund preferred-share dividends. As of May 31, the company still held 843,706 BTC acquired for a total of $63.87 billion. Saylor described the sale as a tactical move and said Strategy would remain a net buyer.

Strategy, formerly MicroStrategy, has raised funds through stock and debt offerings to buy Bitcoin, making the crypto asset the centerpiece of its corporate treasury. Executive Chairman Michael Saylor has long advocated holding rather than selling. His new openness to disposing of part of the position has implications for the company’s cash flow, debt management and shareholders’ exposure to Bitcoin price risk.

Saylor said in a recent interview that it was “not unlikely” Strategy would sell some Bitcoin by the end of 2026, but did not disclose the expected amount or value. The company plans to manage cash flow using equity and credit instruments while operating under a diversified model, with the goal of maximizing Bitcoin holdings per share by 2033.

Strategy, formerly known as MicroStrategy, has long treated Bitcoin as a core asset, raising funds through stock issuance to finance continued purchases. The company has become a key gauge of corporate crypto adoption. Its vast holdings affect its financial performance and have also drawn market scrutiny of the risks arising from equity financing and Bitcoin price volatility.

Strategy spent about $43 million in early May to buy another 535 Bitcoin, increasing its total holdings to 818,869 and formally taking the figure above 810,000. At current market prices, the holdings carry an estimated unrealized gain of about $4.6 billion. The company plans to continue its long-term strategy of issuing stock and buying more Bitcoin.

MicroStrategy, now known as Strategy, has long used its corporate balance sheet and fundraising proceeds to buy Bitcoin, making it one of the most prominent corporate holders of the cryptocurrency. The accumulation strategy led by founder Michael Saylor has closely tied the company’s share price and financing capacity to Bitcoin’s performance. Its large holdings could also affect market supply and demand and institutional investor sentiment.

In early April, Strategy spent about $1 billion to acquire 13,927 Bitcoin at an average price of roughly $71,900 each, raising its total holdings to 780,897 Bitcoin, or more than 3.7% of the cryptocurrency’s maximum supply of 21 million. The purchase was financed primarily through the issuance of STRC perpetual preferred stock. Saylor said around the same time that Bitcoin may have bottomed near $60,000.

Strategy, formerly known as MicroStrategy, is the world’s largest publicly traded corporate holder of Bitcoin. It has long raised funds through stock and bond issuance to buy the cryptocurrency, which it treats as a core reserve asset. The size of its holdings can affect both the company’s financial risk and market confidence, making each purchase closely watched by investors.

Strategy raised funds through an at-the-market (ATM) stock offering in late February 2026 and spent about $204 million to buy 3,015 Bitcoin at an average price of roughly $67,700 each. This was the company’s 101st Bitcoin purchase. The transaction increased its total holdings to 720,737 Bitcoin, formally taking the figure above 720,000.