Strategy Raises $263.5 Million in Share Sales and Pauses Bitcoin Buys

Overview

• Strategy sold about 2,732,318 Class A shares between July 13 and July 19, raising roughly $263.5 million and leaving its U.S. dollar reserve near $3.2–$3.225 billion while it bought no Bitcoin.
• Earlier moves included the sale of 3,588 BTC for about $216 million between June 29 and July 5 and a 32 BTC sale in late May to fund preferred distributions and reserves.
• The company still holds roughly 843,775–844,000 BTC at an average acquisition cost near $75,476 and recorded an $8.32 billion digital-asset impairment in Q2 that has widened unrealized losses.
• Markets reacted with modest weakness as MSTR shares slipped about 3% after the filings and weaker Bitcoin prices, while many Wall Street analysts maintain an average one-year target near $275.
• Management now trades Bitcoin exposure for liquidity under a board-approved framework that allows up to $1.25 billion of conditional monetization and creates trade-offs between dilution, refinancing risk, and long-term Bitcoin upside.