Bitcoin treasury company Strategy (previously known as Microstrategy) fell 3% on Monday after raising approximately $466.7 million by selling common stock last week while leaving its bitcoin holdings unchanged.
The company sold 4,818,781 MSTR shares between July 6 and July 12 and did not buy or sell any bitcoin during the period.
The proceeds increased Strategy’s US dollar reserve by $450 million to approximately $3 billion as of July 12.
Strategy continues to hold 843,775 BTC, according to co-founder and executive chairman Michael Saylor.
The company acquired the holdings at an average purchase price of $75,476 per bitcoin, representing a total acquisition cost of about $63.7 billion, including fees and expenses.
At current market prices of around $63,000 per bitcoin, the holdings are worth roughly $53 billion, leaving the company with paper losses of approximately $10.7 billion.
Despite the unrealized losses, Strategy still controls about 4% of bitcoin’s maximum supply of 21 million coins.
Saylor’s post fuels speculation
Ahead of the filing, Michael Saylor posted another bitcoin tracker chart on X with the message: “Orange dots tell only part of the story.”
Saylor’s Sunday posts have often preceded Strategy’s weekly bitcoin acquisition announcements. Earlier messages such as “A good time to add more dots” and “Looks better with more dots” were followed by purchase disclosures.
More recently, however, the company’s communications have reflected its evolving capital strategy.
A June 28 post stating “We’re gonna need more charts” preceded the announcement of a new capital framework rather than a bitcoin purchase.
His July 5 post came before Strategy disclosed the sale of 3,588 BTC for approximately $216 million, the largest bitcoin sale in the company’s history.
Under its new Digital Credit Capital Framework, Strategy has restricted its US dollar reserve to funding preferred stock dividends and interest payments.
The company also approved a $1 billion repurchase program for its digital credit securities, initially prioritizing STRC, alongside a flexible monthly dividend policy for the preferred stock.
Separately, Strategy authorized a $1 billion common stock buyback and established a BTC Monetization Program allowing up to $1.25 billion in bitcoin sales to support reserves, dividend payments, interest obligations, and securities repurchases.
VanEck’s Matthew Sigel noted that the company’s recent sale of 3,588 BTC did not count toward the new BTC Monetization Program, suggesting Strategy may have additional selling capacity beyond the announced limit.
Analysts assess funding strategy
Gabe Selby, Head of Research at Payward subsidiary CF Benchmarks, said in a Block report that Strategy’s short-term financial position remains stable following the latest capital raise.
“What makes the latest sale relevant is the expanded capital structure created by STRC, with a limited sale supporting its liquidity,” Selby said. “The concern begins when selling bitcoin stops being a choice and becomes a recurring requirement for maintaining the capital structure.”
According to Selby, Strategy’s annual financing costs amount to approximately 3.4% of the value of its bitcoin holdings.
Existing cash reserves cover roughly 17.4 months of those costs, extending to 25.9 months when authorized reserve-building capacity is included.
The broader bitcoin treasury sector continues to expand.
Data from Bitcoin Treasuries shows 197 public companies have adopted bitcoin acquisition strategies. Tether-backed Twenty One, Metaplanet, MARA and Bitcoin Standard Treasury Company rank among the largest corporate holders after Strategy.
However, many bitcoin treasury companies have experienced significant declines in share prices from their 2025 highs as market-cap-to-net-asset-value multiples have contracted.
Standard Chartered maintained its end-2026 bitcoin price forecast of $100,000, arguing that Strategy’s evolving approach represents “a communication problem rather than a solvency one.”
Grayscale analysts similarly said the stronger financing position could reduce longer-term risks surrounding the company.
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