Strategy sells $263.5M in MSTR; cash reserve $3.225B

Strategy reported in an SEC filing that it sold 2,732,318 shares of MSTR between July 13 and July 19, generating about $263.5 million in proceeds. The company did not buy or sell bitcoin during that period and used the proceeds to increase its USD reserve by $225 million to $3.225 billion as of July 19. The filing shows no share repurchases under the company’s buyback programs during the week.

The firm holds 843,775 bitcoins, acquired at an average price of $75,476 per coin, for a reported total acquisition cost of about $63.7 billion including fees and expenses. At current market prices those holdings are valued at roughly $54.7 billion, implying an unrealized loss near $9 billion. The bitcoin holdings represent about 4% of the cryptocurrency’s 21 million supply cap.

Chief Executive Officer Phong Le told reporters the company intends to remain a long-term buyer of bitcoin and that it would begin to factor in debt-related risks only if bitcoin fell to roughly $8,000–$10,000. He added the company feels secure about its balance sheet.

Executive chairman Michael Saylor posted a bitcoin acquisition tracker on X with the caption “What's next?” and published a 110-point essay arguing against a proposed Bitcoin soft fork ahead of its signaling window.

JPMorgan strategists described Strategy’s larger cash reserve and rising institutional interest in bitcoin futures as encouraging for the bitcoin outlook. CryptoQuant analysts noted that rebuilding cash reserves and pausing purchases addresses liquidity concerns but recommended the company adopt a systematic framework for timing purchases and a disciplined plan for selling in a future bull market.

Strategy’s stock closed the week at $94.85, down about 4% for the week and 38.6% year-to-date. Bitcoin’s price rose roughly 0.5% over the same period.

Bitcoin treasury data show 197 public companies have acquired bitcoin. After Strategy, the largest public holders include Twenty One with about 43,514 BTC, Metaplanet with 43,000 BTC, Marathon Digital with 36,303 BTC, and Bitcoin Standard Treasury Company with 30,021 BTC.