Michael Saylor-led Strategy (Nasdaq: MSTR), formerly MicroStrategy, ran back its playbook from last week, once again selling common shares to build up its cash reserve while adding no bitcoin to its balance sheet.
Another share sale
In a July 20 filing with the Securities and Exchange Commission, the company disclosed it sold 2,732,318 MSTR shares worth $263.5 million, lifting its U.S. dollar reserve to $3.225 billion.
That cash is meant to cover dividends on the company’s preferred stock and interest on its outstanding debt.
As with the prior week, Strategy neither bought nor sold any bitcoin, keeping its stack at 843,775 coins as of July 19.
Two sales this year
Earlier in 2026, the company sold bitcoin twice, its first sales since 2022:
- 32 BTC for roughly $2.5 million between May 26 and May 31
- 3,588 BTC for $216 million between June 29 and July 5
Strategy has spent $63.69 billion accumulating its coins at an average price of $75,476 each.
Deep underwater
Bitcoin traded around $64,666 at press time, putting the value of Strategy’s holdings at $54.56 billion.
That leaves the firm about $9.13 billion underwater on its position.
MSTR stock closed at $94.85 on July 17 and changed hands at $96.20 in premarket trading on July 20.
JPMorgan weighs in
JPMorgan Chase analysts called Strategy’s cash boost, combined with positive flows into bitcoin futures, “encouraging signs” for bitcoin’s outlook.
The analysts noted retail investors have been buying Strategy-linked ETFs, a trend they said has supported the MSTR stock.
