Strategy raised $263.5 million through its at-the-market share offering program during the week ended July 19 but reported no Bitcoin purchases for a second consecutive week. The Tysons, Virginia-based firm's Bitcoin holdings remain at 843,775 BTC, worth about $54.7 billion, with unrealized losses exceeding $9 billion.
Strategy raised $263.5 million through share sales last week while reporting zero Bitcoin purchases for the second straight week, the company said Monday.
"The pause in buying comes as the company faces mounting pressure on its liquidity position," said Ki Young Ju, chief executive officer of CryptoQuant, in a social media post. "Continuous buying under current high selling-pressure conditions functions more as a liquidity absorber than a catalyst for price appreciation."
The company sold more than 2.7 million Class A shares under its at-the-market offering program during the week ended July 19, bringing its cash reserves to more than $3.2 billion. Strategy's Bitcoin holdings total 843,775 BTC, worth about $54.7 billion at current market prices, leaving the company with paper losses exceeding $9 billion on positions acquired between 2024 and 2026, according to CryptoQuant.
The extended pause points to a potential shift in Strategy's capital allocation strategy as annualized dividend commitments have nearly quadrupled to roughly $1.2 billion, driven by expanded preferred share issuance used to fund Bitcoin acquisitions. CryptoQuant analysts estimate restoring a 24-month dividend coverage buffer would require building cash reserves to about $2.8 billion — nearly double current levels.
Strategy generated about $467 million from MSTR common stock sales the prior week and recorded no sales under any of its preferred stock ATM facilities during the latest period, according to its Monday filing. The company's cash reserves have dropped about 38% since the start of 2026, partly due to the early repurchase of $1.5 billion in convertible senior notes, CryptoQuant data show. Dividend coverage has fallen from more than seven years earlier this year to approximately 14 months.
CryptoQuant's analysis recommended pausing large-scale Bitcoin purchases until reserves and coverage metrics improve, shifting from opportunistic buying to a more disciplined, model-driven framework for timing acquisitions. The firm also proposed establishing a profit-taking protocol for future bull markets, suggesting selective sales during rallies could help deleverage the balance sheet and generate cash reserves for opportunistic buying during downturns.
This article is for informational purposes only and does not constitute investment advice.
