Strategy sells $467M in MSTR shares, leaves 843,775 BTC stack untouched

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Strategy, the largest corporate holder of Bitcoin, raised fresh capital by selling MSTR shares through its at-the-market (ATM) offering last week while leaving its BTC treasury unchanged. Strategy sold 4.8 million shares of its Class A common stock for $466.7 million between July 6 and July 12, according to a Monday 8-K filing with the US Securities and Exchange Commission. The company did not buy or sell any Bitcoin during the period and reported holdings of 843,775 BTC at an average purchase price of $75,476 per BTC. The update comes as investors continue to watch how Strategy balances equity issuance, Bitcoin accumulation and its growing preferred stock offerings as it expands its BTC-focused corporate strategy. Ahead of Monday's Nasdaq open, MSTR shares were trading down roughly 3%, to $91.80 apiece, according to Yahoo Finance. Bitcoin was trading at about $62,580, down more than 2% in the past 24 hours. Strategy increased its US dollar reserve to $3 billion as of July 12, up from $2.55 billion a week earlier. The reserve is used to fund dividend payments on its preferred stock and interest payments on its outstanding debt. The reserve includes expected proceeds from MSTR shares sold through the company's ATM offering that had not yet settled as of the reporting date. Strategy has $23.8 billion of remaining capacity under its MSTR ATM offering, including capacity from a new $21 billion offering the company announced on March 23. The company said it may begin selling shares under the additional capacity once the existing offering is substantially depleted. Last week, Strategy announced it sold 3,588 BTC for about $216 million to replenish its US dollar reserve and fund preferred stock dividend payments. Related: Lyn Alden says Bitcoin needs no savior as Strategy sells $216M of BTC The transactions included the sale of 1,363 BTC at an average price of $59,256 between June 29 and June 30, followed by another 2,225 BTC at an average price of $60,773 between July 1 and July 5. In the same June 29 8-K filing, Strategy also reported no BTC purchases, while disclosing the sale of 12.7 million MSTR shares through its ATM offering, generating $1.15 billion in net proceeds. Strategy is boosting its USD reserve as it readies its first semi-monthly dividend payment to its STRC preferred stock holders on Wednesday. Under a new schedule announced on June 8, STRC will 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, with the first payment date scheduled for July 15. Magazine: Bitcoin nearing late stages of bear market: Jamie Coutts, Real Vision

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Between July 6 and 12, Strategy sold 4.8 million shares of MSTR, securing $466.7 million in capital. Despite this sale, the company's holding of 843,775 BTC remains unchanged, with the proceeds earmarked for preferred stock dividends and debt repayment. Investors are closely monitoring the balance between the firm's capital-raising strategy and its Bitcoin holdings.

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The recent capital raise demonstrates a strategic approach to maintaining liquidity without liquidating core digital assets. By utilizing equity markets to fund obligations, the company protects its Bitcoin stash from market volatility. However, the market remains cautious about the dilution of existing shareholders and the overall impact of increased float on MSTR's share price performance.

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