Strategy (NASDAQ: MSTR) saw its shares climb 3% on Monday after the company disclosed it had raised approximately $333.7 million through a sale of its own stock, while leaving its Bitcoin holdings unchanged for the week.
According to a filing with the U.S. Securities and Exchange Commission, the company sold 3.46 million shares of MSTR common stock between August 10 and August 16. The net proceeds were allocated across three areas: $52.4 million went to fund dividends on its STRC preferred stock, $132.2 million was used to repurchase STRC shares under its Digital Credit Securities Repurchase Program, and the remaining $149.1 million was added to the company's USD Reserve.
The USD Reserve, which is designed to cover preferred-stock dividends and interest payments on debt, now stands at approximately $4.8 billion. That figure has grown by roughly $1.5 billion over the past three weeks, giving Strategy a larger liquidity cushion as it manages its financing obligations.
This latest offering continues a broader pattern of using MSTR shares to raise capital. In July, the company sold about 4.8 million shares for $466.7 million, and it has followed up with additional sales in August. The company has stated that these transactions are intended to fund preferred-stock dividends and strengthen its USD Reserve, not to signal a departure from its Bitcoin strategy.
As of the latest reporting period, Strategy held approximately 840,447 Bitcoin, valued at about $53.4 billion based on the price cited in the filing. The company acquired its Bitcoin at an average price of $75,385 per coin, with total costs reaching roughly $63.4 billion, including fees and expenses. These holdings represent about 4% of Bitcoin's 21 million maximum supply.
The pause in Bitcoin purchases follows several sales earlier this year. Since May, Strategy has sold approximately 6,948 BTC for about $431.8 million, with its most recent reported sale involving 1,690 BTC for roughly $108 million. The company has also authorized a framework allowing it to sell Bitcoin to fund its reserve, dividends, interest payments, and securities repurchases.
Strategy's approach comes as Bitcoin treasury companies face increased scrutiny over their valuations and market structure. Under its Digital Credit Capital Framework, the company has restricted its USD Reserve to preferred-stock dividends and interest payments while authorizing a $1 billion repurchase program for digital credit securities. It has also approved a $1 billion common-stock buyback program.
Meanwhile, Strategy and fellow Bitcoin treasury company Metaplanet could face removal from MSCI's Global Investable Market Indexes under a proposed methodology for identifying non-operating companies. A simulation using May 2026 data showed that Strategy, Metaplanet, and uranium investment company Yellow Cake would be deleted from the MSCI ACWI IMI under the proposal.
Despite the scrutiny, institutional interest in Bitcoin treasury companies remains robust. Norway's sovereign wealth fund increased its indirect Bitcoin exposure to a record 11,549 BTC in the first half of the year, with Strategy holdings accounting for 86% of that exposure, according to K33. This ongoing demand underscores the market's continued appetite for Bitcoin-linked equities, even as regulatory and index-related questions loom.
For investors tracking the broader crypto and AI trade, the moves at Strategy come amid a backdrop of similar reserve-building efforts and renewed optimism in AI-driven tech names. The company's ability to raise capital through equity sales while maintaining its Bitcoin position will likely remain a focal point for shareholders.
This article is for informational purposes only and does not constitute financial advice.
