Strategy raised $333.7 million this week by selling common stock, but didn't add a single Bitcoin to its treasury. The firm, still the biggest corporate holder of the cryptocurrency with 840,447 BTC, instead funneled the money into dividends, buybacks, and a growing dollar reserve. That's a clear sign the company has fully pivoted from the aggressive buying spree that defined 2025.
Where the money went
The breakdown from the company's weekly disclosure shows $52.4 million went to dividends on STRC preferred stock, $132.2 million funded share buybacks, and $149.1 million was added to its dollar reserve. That reserve now sits at $4.8 billion. Management also said the moves extended its USD Duration to 2.8 years and tightened STRC BTC Credit to 114 basis points — jargon that basically means the company is stretching out its cash runway while making its preferred stock look safer.
The pivot away from Bitcoin
This isn't a one-off. Over the past two months, Strategy has sold a portion of its Bitcoin holdings after a year of relentless accumulation. The company raised this week's cash by selling 3,458,866 shares of MSTR common stock — a routine it's leaned on heavily since the market turned against it. CEO Phong Le defended the strategy, calling the firm "the J.P. Morgan of the crypto economy" and shrugging off the recent sales. "Selling 1,000 Bitcoin out of 840,000 is irrelevant," he said, reaffirming a long-term commitment to buying Bitcoin.
The stock slide
MSTR stock is down more than 60% year-to-date in 2026, trading near $95 — almost 80% below its 2024 record. That's a brutal reversal for a company whose share price once tracked its Bitcoin pile almost coin-for-coin. Investors are clearly less enthusiastic about a treasury that's now shrinking in coin terms, even if the dollar reserve offers a safety net.
Copycats take note
Strategy's original playbook — borrow or print shares, buy Bitcoin, watch the price rise — inspired a wave of copycat companies loading up their own balance sheets with crypto. But this week's disclosure shows the strategy's limits when the market turns. The copycats are likely watching closely to see if Le can pull off the cash-reserve pivot without losing the faith of Bitcoin true believers.
The next weekly disclosure will show whether Strategy keeps selling stock and holding off on purchases, or if Le decides the time is right to start buying again.
