What happened: Strategy (MSTR) stock rose early Monday after Michael Saylor’s bitcoin (BTC-USD) juggernaut disclosed that it raised $263 million by selling common stock last week.
Strategy did not buy or sell any bitcoin over the same period, according to the regulatory filing
What’s behind the move? The stock sale gives the company more runway to fund its dividends without reducing the size of its bitcoin stash. Strategy stock is down 38% since the start of 2026.
A monthlong bitcoin downturn has intensified pressure on the company, which has a complicated capital structure and growing dividend obligations. Late last month, the firm launched a turnaround plan that included authorization to sell up to $1.25 billion of its bitcoin. The proceeds can be used to grow its cash reserve or buy back shares.