Strategy sells $466.7M of MSTR shares, keeps 843,775 BTC

Strategy sold 4.8 million Class A common shares of MSTR for $466.7 million through its at-the-market offering between July 6 and July 12, according to a Form 8-K filed with the U.S. Securities and Exchange Commission. The filing shows the company did not buy or sell any Bitcoin during that period and reported holdings of 843,775 BTC.

The share sales increased Strategy’s U.S. dollar reserve to $3.0 billion as of July 12, up from $2.55 billion a week earlier. The filing notes the reserve is used to fund dividend payments on STRC preferred stock and to cover interest on outstanding debt. The reported cash balance includes expected proceeds from ATM share sales that had not settled by the reporting date.

Strategy has $23.8 billion of remaining capacity under its MSTR ATM program, which incorporates a $21 billion addition announced on March 23. The company said it may begin drawing on that additional capacity once the current offering is substantially depleted.

Earlier filings show the company sold 3,588 BTC between June 29 and July 5 for about $216 million. Those transactions included 1,363 BTC at an average price of $59,256 on June 29–30 and 2,225 BTC at an average price of $60,773 on July 1–5. A June 29 filing also disclosed the sale of 12.7 million MSTR shares through the ATM program, which generated about $1.15 billion in net proceeds.

Strategy reported an average purchase price of $75,476 per Bitcoin for its holdings. The recent filings indicate no Bitcoin purchases while the company continues to use equity issuance and selective Bitcoin sales to manage its cash position and preferred stock obligations.

The STRC preferred stock is shifting to a semi-monthly dividend schedule. Under the schedule announced June 8, record dates will fall on the 15th and the last day of each month, with payments made after each record date. The first semi-monthly record date was June 30, with the initial semi-monthly payment scheduled for July 15.

In premarket trading ahead of Monday’s Nasdaq open, MSTR shares were down about 3% to roughly $91.80. Bitcoin was trading near $62,580, down more than 2% over the prior 24 hours. Investors continue to monitor how the company balances issuing equity, selling or holding Bitcoin, and funding preferred stock payments as it implements its corporate strategy focused on Bitcoin.