Strategy shares fall 3% after $467M stock sale

Strategy, formerly MicroStrategy, saw its shares fall about 3% after the company sold 4,818,781 common shares between July 6 and July 12 and raised roughly $466.7 million. The share sale increased the company’s U.S. dollar reserve by about $450 million to roughly $3 billion as of July 12. Strategy did not buy or sell bitcoin during the reporting period; its bitcoin balance remained at 843,775 BTC.

The company holds its bitcoin at an average purchase price of $75,476 per coin, for a total acquisition cost near $63.7 billion including fees. At recent market prices near $63,000 per bitcoin, the holdings are valued at about $53 billion, producing an unrealized loss on paper of roughly $10.7 billion. Strategy’s holdings equal about 4% of bitcoin’s 21 million supply.

Co-founder and executive chairman Michael Saylor posted a bitcoin tracker chart on X ahead of the filing and wrote, “Orange dots tell only part of the story.” His Sunday posts have at times come before disclosures about the company’s bitcoin activity; a July 5 post preceded the sale of 3,588 BTC for about $216 million, the largest bitcoin sale in the company’s history.

Under a Digital Credit Capital Framework, Strategy limited the use of its dollar reserves to preferred-stock dividends and interest payments. The company authorized a $1 billion repurchase program for its digital credit securities, initially prioritizing STRC, and approved a $1 billion common stock buyback. Separately, Strategy set up a BTC Monetization Program that allows up to $1.25 billion in bitcoin sales to support reserves, dividend payments, interest obligations and securities repurchases.

Matthew Sigel of VanEck pointed out that the company’s recent sale of 3,588 BTC did not count toward the $1.25 billion monetization cap, indicating there may be additional flexibility in how bitcoin sales are treated under the capital plan.

Gabe Selby, head of research at CF Benchmarks, wrote that Strategy’s short-term financial position remains stable after the capital raise but that risk increases if bitcoin sales become a recurring requirement to maintain the capital structure. Company estimates place annual financing costs at about 3.4% of the value of its bitcoin holdings. On current metrics, cash reserves cover roughly 17.4 months of those costs and extend to about 25.9 months when the authorized reserve-building capacity is included.

The corporate bitcoin treasury sector has expanded: data show 197 public companies have adopted bitcoin treasury strategies. Other sizable holders include Twenty One, Metaplanet, Marathon Digital (MARA) and Bitcoin Standard Treasury Company. Many bitcoin-treasury stocks have fallen from 2025 highs as market-cap-to-net-asset-value multiples tightened.

Standard Chartered kept its end-2026 bitcoin price forecast at $100,000 and described Strategy’s shift in capital approach as a communication issue rather than a solvency one. Analysts at Grayscale said the stronger financing framework could reduce some longer-term risks tied to the company’s bitcoin exposure.