Strategy, the largest corporate holder of Bitcoin, has raised additional capital by selling shares under its at-the-market (ATM) program while keeping its Bitcoin treasury unchanged during the latest reporting window. In its most recent SEC update, the company detailed the size of the equity issuance and reaffirmed that no BTC trades occurred in the period.

According to an 8-K filing dated Monday, Strategy sold 4.8 million shares of its Class A common stock for $466.7 million between July 6 and July 12. The filing also states that Strategy held 843,775 BTC at an average purchase price of $75,476 per BTC, with no Bitcoin purchases or sales reported during the same timeframe.

Key takeaways

Strategy raised $466.7 million by selling 4.8 million shares through its ATM offering from July 6–12, without altering its BTC holdings.
The company reported 843,775 BTC at an average purchase price of $75,476 and disclosed no BTC transactions in the period covered by the filing.
Strategy’s reported US dollar reserve increased to $3 billion as of July 12, supporting preferred dividends and debt interest obligations.
The company continues to expand its equity-capacity runway, citing $23.8 billion of remaining ATM capacity, including capacity from a $21 billion additional offering announced earlier this year.
Strategy is preparing its first semi-monthly dividend cycle for preferred shareholders, with near-term payment dates tied to new record-date rules.

Equity funding without touching the Bitcoin treasury

Strategy’s latest SEC filing highlights a deliberate split between raising fiat liquidity and managing its Bitcoin inventory. During the July 6–12 window, the company used its ATM program to issue shares and generate cash, but it reported no spot BTC activity.

The reported balance of 843,775 BTC suggests Strategy continues to treat its Bitcoin treasury as a long-horizon asset rather than a pool to be actively traded in response to short-term liquidity needs. That approach matters for investors watching whether Strategy’s BTC exposure remains steady while it scales the rest of its capital structure.

As investors monitor day-to-day market dynamics, the filing also landed while MSTR shares were reportedly down roughly 3% near the Nasdaq open to about $91.80 per share, according to Yahoo Finance. Bitcoin was trading around $62,580, down more than 2% over the prior 24 hours.

Cash buffer climbs to $3 billion

Beyond the share-sale figures, the 8-K update focused on Strategy’s liquidity position. The company reported its US dollar reserve at $3 billion as of July 12, up from $2.55 billion one week earlier.

Strategy said this cash reserve is used for operational obligations tied to its preferred stock dividends and interest payments on its outstanding debt. Importantly for readers tracking settlement mechanics, the reserve is also described as including expected proceeds from ATM share sales that had not yet settled as of the reporting date.

The update reinforces that Strategy’s financing strategy is not solely reliant on selling Bitcoin. Instead, the company is using equity issuance—at least in this period—to increase its USD buffer, potentially reducing the need for BTC sales to meet near-term payment requirements.

ATM capacity remains significant, with more runway available

Strategy also disclosed remaining capacity under its ATM framework. The company said it has $23.8 billion of available capacity, which includes capacity related to a new $21 billion offering announced on March 23. Strategy noted it may begin selling shares under this additional capacity once the existing offering has been substantially depleted.

That matters because the ATM program effectively functions as a flexible funding channel. For investors, the key question is how quickly Strategy can draw on this capacity while still maintaining its broader Bitcoin-oriented corporate posture.

In a separate development referenced in the update, Strategy previously sold BTC to replenish its US dollar reserve. The company announced it sold 3,588 BTC for about $216 million to fund preferred dividend payments, with the transactions described as:

1,363 BTC sold at an average price of $59,256 between June 29 and June 30
2,225 BTC sold at an average price of $60,773 between July 1 and July 5

In the same earlier June 29 8-K filing, Strategy reportedly stated it made no BTC purchases and disclosed the sale of 12.7 million shares through its ATM offering, generating $1.15 billion in net proceeds. Together, those disclosures show an ongoing balancing act between equity issuance and selective BTC sales to meet liquidity targets.

Earlier coverage from Cointelegraph discussed the rationale behind the company’s $216 million BTC sale, framing the decision in the context of Strategy’s preferred dividend obligations and its overall capital strategy.

Preferred dividends shift to a semi-monthly rhythm

Strategy’s equity and cash management also intersects with its dividend schedule. The company is preparing for its first semi-monthly dividend payment to holders of its STRC preferred stock on Wednesday.

In an announcement from June 8, Strategy said the new schedule would use record dates on the 15th and the last day of each month, with payments made on the following record date. The first semi-monthly record date was June 30, 2026, and the first payment date was scheduled for July 15, according to Strategy’s release.

With dividends arriving more frequently, the importance of Strategy’s updated cash reserve could rise. For preferred investors, the operational question becomes how consistently Strategy can fund distributions through a mix of ATM proceeds, reserve management, and—when necessary—BTC sales.

What to watch next

With Strategy now drawing on substantial remaining ATM capacity while preparing a more frequent preferred dividend timetable, market participants will likely focus on whether the company continues to keep BTC holdings static during future funding windows—and how quickly its USD reserve translates into predictable dividend coverage as semi-monthly payments roll forward.