🔥Strategy raises an additional $467M, third consecutive week without buying Bitcoin

An 8-K filing on 13/07 confirmed that Strategy continues to stay out of the BTC market, focusing all efforts on strengthening its cash reserve fund:
- Sold 4.8M MSTR shares via the ATM channel in the week of 06–12/07, netting $466.7M — all deployed into the USD Reserve, lifting the fund from $2.55B to $3B (+18% in just 1 week)
- Did not buy more BTC for the third consecutive week. The most recent purchase was on 22/06 with only 520 BTC (~$35M)
- The $3B fund is currently sufficient to cover 20.4 months of preferred dividends plus loan interest (obligations of about ~$1.76B per year), exceeding the 12-month minimum required by the board
- The BTC holdings remain unchanged at 843,775 BTC, with an average cost basis of $75,476. With BTC around $62,600, the unrealized loss is ~$11B
- The remaining ATM capacity is $23.8B, meaning there is still plenty of room to print shares
-> Despite those efforts, MSTR still fell ~3% to the $92 area.
Strategy has accepted reversing the playbook from issuing shares → buying BTC → NAV rising → issuing again.
The new model is issuing shares at the bottom → paying preferred dividends → not buying BTC. In other words, MSTR shareholders are being diluted to fund dividends for debtholders and preferred shareholders, while BTC-per-share keeps declining with each ATM round.
Back in February, Strategy said it wanted to maintain reserves sufficient for 2–3 years of dividends. Now the minimum is down to just 12 months, and the current 20.4 months has been PR’d as an achievement. When a company lowers the bar and then praises itself for beating it, it’s often a sign of liquidity pressure greater than what the numbers suggest.