Strategy raises $467M, cash reserve $3B, Bitcoin unchanged

Strategy, the largest corporate holder of Bitcoin, raised approximately $466.7 million last week by selling shares of its common stock while leaving its massive Bitcoin treasury untouched. The move increased the company's U.S. dollar cash reserve to a record $3 billion, fueling debate over its capital allocation strategy.

According to a filing with the U.S. Securities and Exchange Commission dated Monday, July 13, 2026, Strategy sold 4.82 million Class A common shares between July 6 and July 12 through its "at-the-market" equity program. The net proceeds of $466.7 million were added to the company's dollar reserve, which it maintains to fund dividend payments on its preferred stock and interest on its outstanding debt. The filing confirmed the company made no purchases or sales of Bitcoin during that period, leaving its holdings unchanged at 843,775 BTC. The company's average purchase price for its Bitcoin stands at $75,476 per coin.

The decision to raise cash through equity issuance rather than by selling more Bitcoin drew immediate scrutiny from some market observers. Prominent Bitcoin critic and economist Peter Schiff publicly questioned the move, arguing that issuing new...