Strategy is back in the spotlight -- but not for selling Bitcoin.

On Monday, the company formerly known as MicroStrategy disclosed that it kept its cryptocurrency reserves completely steady last week, opting instead to boost its cash buffer by selling common stock.

Shares slid 4.5% to $90.54, in line with the price of Bitcoin, which was down 3% over the past 24 hours at $62,260, according to CoinDesk data.

As the world's largest corporate holder of the crypto, Strategy sent shockwaves through the market last month by unveiling a bold new financial framework that includes strategic Bitcoin sales. The move marks a dramatic departure from the long-held "buy-and-hold" mantra championed by its co-founder and executive chairman, Michael Saylor.

The latest update shows Strategy neither bought nor sold any additional cryptocurrency over the seven days ended July 12. Instead, it raised $467 million through the issuance of common stock, boosting its cash reserve to roughly $3 billion.

The disclosure signals that Strategy's common stock remains a key funding source, even as the company expands its capital-raising options by selling preferred stock.

Strategy said in June that it would opportunistically buy and sell its own shares rather than issuing them continuously. The company's "Stretch" preferred stock had become its go-to funding vehicle for Bitcoin acquisitions, but that engine stalled due to a drop in the crypto's price and concerns over Strategy's ability to fund its dividends.

Strategy's board has authorized up to $1.25 billion in Bitcoin sales to bolster the company's cash reserve, a capital pool strictly locked down to fund annual dividend and interest obligations. The company last sold Bitcoin at the beginning of July.

Saylor himself acknowledged that Strategy is working to evolve beyond a simple crypto holding company. On Sunday, he posted a chart to X tracking Strategy's historical Bitcoin purchases. "Orange dots only tell part of the story," he wrote.

Write to Mackenzie Tatananni at mackenzie.tatananni@barrons.com

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July 13, 2026 10:00 ET (14:00 GMT)

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