Strategy (MSTR) sold roughly $263.5 million worth of its own shares between July 13 and July 19, using the proceeds to push its U.S. dollar reserve to $3.225 billion as of July 19. The company didn't buy or sell any Bitcoin during that period, marking a pause in its usual accumulation pattern. The move comes as Strategy's Bitcoin holdings sit on about $9 billion in paper losses and as the broader market watches a proposed soft fork that could reshape the network.
The share sale and cash buffer
The latest share sale follows a $467 million offering that had already lifted Strategy's cash reserve to roughly $3 billion. Now at $3.225 billion, the company is leaning heavily on dollar accumulation to build a buffer against its debt obligations. Strategy has paused Bitcoin buying for now, a shift from its aggressive purchasing sprees of previous years. The cash pile gives it room to maneuver if prices drop further or if it needs to cover margin calls on its convertible notes.
Bitcoin holdings and paper losses
Strategy still holds 843,775 BTC, worth about $54.7 billion at current prices. That's roughly 4% of Bitcoin's 21 million supply cap. The average purchase price is $75,476 per coin, including fees, meaning the position carries roughly $9 billion in unrealized losses. Despite the red ink, Strategy remains the largest corporate Bitcoin holder by a wide margin. The next biggest, Twenty One, holds 43,514 BTC — less than 5% of Strategy's stash.
CEO's stance and the BIP-110 debate
CEO Phong Le said Strategy intends to remain a long-term Bitcoin buyer but would weigh risks if Bitcoin drops to the $8,000–$10,000 range. That's a far cry from current levels, but the comment signals the company is at least thinking about tail risks. Meanwhile, executive chairman Michael Saylor posted a chart on X with the caption 'What's next?' — a phrase that previously preceded acquisition announcements. He also published '110 Reasons BIP 110 Is a Bad Idea,' opposing a proposed Bitcoin soft fork. BIP-110's mandatory signaling window opens in early August, with miner support currently at 0.86%. The debate is heating up, and Saylor's public opposition puts Strategy squarely in the anti-fork camp.
Market reaction and outlook
MSTR stock fell 4% last week, closing at $94.85 — down 38.6% year-to-date. Bitcoin gained about 1% over the same period, widening the gap between the company's treasury value and its market cap. JPMorgan analysts called larger cash reserves and improving institutional demand in Bitcoin futures 'encouraging signs' for the outlook. Corporate Bitcoin holdings across 197 public companies are at a record high, according to Bitcoin Treasuries data. The next concrete event to watch: the BIP-110 signaling window opens in early August, with miner support at just 0.86% so far.
