Strategy Sells $105 Million in Bitcoin to Fund Dividends, STRC Buyback

Strategy, formerly MicroStrategy, has used equity and debt financing to accumulate bitcoin since 2020, turning the software company into the world’s largest corporate holder of the cryptocurrency. The strategy ties its market value closely to bitcoin while creating recurring obligations from preferred shares and borrowings. Its decision to build a U.S. dollar reserve, established on Dec. 1, 2025, is therefore important: it gives the company liquidity to cover dividends and interest without selling bitcoin during market stress.

Strategy said on July 27, 2026, that it sold 5,429,160 MSTR common shares through its at-the-market program from July 20 through July 26, raising $544.5 million in net proceeds. It added $525 million to its USD Reserve, lifting the balance to $3.75 billion, enough to cover 2.1 years of preferred dividends and debt interest. The company made no bitcoin purchase for a fifth straight week, leaving holdings at 843,775 BTC; its last disclosed purchase was 520 BTC for $35 million on June 22.

Strategy, formerly known as MicroStrategy, has made Bitcoin the centerpiece of its treasury strategy, funding the position through common stock, preferred securities and other capital-market instruments. Its U.S. dollar reserve is intended to help cover preferred dividends and debt-related obligations while preserving flexibility during volatile markets. The approach gives investors leveraged exposure to Bitcoin, though repeated equity issuance can dilute existing shareholders.

The company sold 2,732,318 MSTR shares through its at-the-market program from July 13 to July 19, 2026, generating $263.5 million in net proceeds. Strategy added $225 million to its dollar reserve, lifting the balance to $3.225 billion as of July 19. It neither bought nor sold Bitcoin during the week, marking a second consecutive pause, and retained 843,775 BTC acquired for about $63.69 billion, or an average $75,476 per coin.

As the publicly listed company with the world’s largest Bitcoin holdings, Strategy’s moves are closely watched across the crypto market. The company has primarily used debt and new share issuance to aggressively accumulate Bitcoin. Its holdings strategy and financing methods have long served as an important gauge of institutional attitudes toward crypto assets, and any shift in how it uses funds could prompt investors to reassess its financial resilience and market outlook.

Strategy sold about $467 million of MSTR shares through an at-the-market program during the week, boosting its cash reserves to $3 billion. The funds will primarily cover preferred-stock dividends and interest. Unlike the previous week, when it sold Bitcoin to raise capital, the latest move allowed the company to keep its Bitcoin position unchanged at 843,775 BTC, demonstrating its ability to raise U.S. dollar liquidity without reducing its core crypto holdings.

Strategy (MSTR) has long financed Bitcoin purchases through debt and preferred-share issuance, tying its stock price and balance sheet closely to the cryptocurrency. Selling Bitcoin to fund preferred-share dividends broke with market expectations that the company would only buy and never sell. The move has also renewed scrutiny of its liquidity management and Bitcoin-holding strategy.

Strategy recently sold 3,588 Bitcoin for about $216 million, its largest disposal on record, while Bitcoin remained near $63,000. The cryptocurrency’s decline also led the company to recognize more than $8.3 billion in unrealized losses in the second quarter of 2026. Grayscale recommended that Strategy sell $3 billion worth of Bitcoin to rebuild market confidence.

Strategy has long treated Bitcoin as a core asset and has raised funds to buy the cryptocurrency through stock issuances and sales, making it one of the world's most prominent corporate Bitcoin holders. Its holdings exceed 4% of Bitcoin's total supply, leaving its balance sheet and share price highly exposed to swings in the cryptocurrency's value.

Strategy spent $34.9 million from June 15 to June 21 to buy 520 Bitcoin at an average price of $67,068 each. The company now holds more than 847,000 Bitcoin. It has continued selling shares to raise funds for further purchases even as the position's unrealized loss has reached $9.3 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 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.

Strategy, formerly known as MicroStrategy, has continued raising funds through equity and debt instruments to buy Bitcoin under Michael Saylor, making BTC a core asset. The company recently raised capital through STRC perpetual preferred stock carrying an 11.5% dividend rate. Saylor said an annual Bitcoin gain of more than 2% would be enough to cover the dividend, underscoring the company's highly leveraged capital strategy.

Strategy added 3,468 Bitcoin on April 10, according to the latest report, which did not disclose the dollar value or average purchase price of the transaction. The purchase brought the company's total Bitcoin holdings close to 770,000 BTC. As proceeds raised through STRC continue to be converted into Bitcoin, the company's holdings are moving toward a new milestone.

Strategy, the world's largest corporate holder of Bitcoin, launched perpetual preferred stock STRC in July 2025 to raise U.S. dollar funding through share issuance and buy more Bitcoin. STRC targets a price near its $100 par value, with its high dividend designed to attract income-focused investors while allowing the company to continue expanding its crypto holdings.

Strategy said STRC's annualized dividend rate would remain at 11.5% in April 2026, ending a run of seven consecutive increases since the product's launch. With STRC's market price gradually stabilizing and approaching its $100 par value, the company will not raise the rate this month but will continue using the stock as a fundraising vehicle for future Bitcoin purchases.

Strategy, formerly known as MicroStrategy, has treated Bitcoin as a core treasury asset since 2020 and has long financed purchases through sales of common and preferred stock. The strategy has made it the world’s largest corporate holder of Bitcoin, but its high-interest financing costs and exposure to cryptocurrency price swings remain under market scrutiny.

Strategy raised funds by selling Class A common stock and preferred stock from March 2 to March 8, 2026, then spent about $1.28 billion to buy 17,994 Bitcoin at an average price of $70,946 each. The transaction increased its total holdings to 738,731 Bitcoin, continuing its long-term Bitcoin treasury strategy.