Strategy Inc. raised its U.S. dollar reserve to $3.75 billion after selling more than 5.4 million shares of its common stock last week, according to a regulatory filing released Monday. The company directed the proceeds into cash rather than Bitcoin, marking the fifth consecutive week without any addition to its cryptocurrency holdings.

The business intelligence firm, which operates under the ticker MSTR and is led by Executive Chairman Michael Saylor, generated $544.5 million in net proceeds by selling 5,429,160 Class A common shares through its at-the-market program between July 20 and July 26. Of that amount, $25 million was used to repurchase 288,930 shares of its high-yielding preferred stock known as STRC.

Cash Cushion Extended to 2.1 Years of Coverage

The latest capital raise lifted the company’s USD reserve by $525 million from the previous week’s $3.225 billion. Saylor stated that the $3.75 billion balance now provides 2.1 years of coverage for preferred stock dividend and interest obligations. The reserve is intended to support payments on preferred securities and outstanding debt.

Strategy still retains substantial capacity under its equity programs, including nearly $23 billion remaining for further MSTR share sales. It also holds $975 million of remaining authority under its preferred securities repurchase program and a separate $1 billion authorization for common stock buybacks. No common shares were repurchased during the latest week.

Bitcoin Holdings Remain Unchanged at 843,775 Coins

Bitcoin holdings stayed flat at 843,775 coins for the fifth straight weekly filing. The last disclosed purchase occurred in the week ending June 22, when the company added 520 BTC. Strategy acquired its full position at an average cost of approximately $75,476 per coin, for a total outlay of $63.69 billion including fees and expenses.

At recent market prices near $65,000, the holdings were valued at roughly $54 billion to $55 billion, placing the position several billion dollars below its aggregate cost basis. The firm remains the largest corporate holder of Bitcoin, with its stack representing more than 4 percent of the asset’s fixed 21 million supply.

Earlier in the summer the company sold 3,588 BTC for about $216 million after adopting a revised capital framework that permits selective Bitcoin sales to support dividends and liquidity needs. No further sales occurred in the most recent reporting period.

Market Context and Capital Strategy Shift

The pause in accumulation coincides with a period in which Strategy’s stock has traded near or below the market value of its Bitcoin assets on a net basis. When that ratio falls below one, issuing new common shares to buy additional Bitcoin reduces rather than increases Bitcoin per share for existing holders.

Preferred stock dividends, particularly on the STRC series that carries a double-digit yield, must be paid in cash. Building the dollar reserve addresses those obligations without requiring further Bitcoin sales under current conditions. President and CEO Phong Le has reiterated that Bitcoin remains a core element of the firm’s long-term reserves even as near-term priority has shifted toward liquidity.

MSTR shares rose approximately 6 percent in Monday trading to the mid-$90s range, while STRC preferred shares also advanced. The company is scheduled to report second-quarter results after the market close on Thursday, July 30. Investors will look for any indication of when Bitcoin purchases might resume or whether the focus on cash reserves will continue.

Strategy has used equity issuance and preferred instruments for years to expand its Bitcoin position and manage its capital structure. The latest filings show a deliberate temporary pivot toward balance-sheet fortification while the Bitcoin treasury is held steady.