Strategy added $225 million to its cash reserves last week—without selling a single Bitcoin.
According to the company’s latest SEC filing, the Bitcoin treasury firm sold 2,732,318 shares of its MSTR common stock between July 13 and July 19, netting $263.5 million through its at-the-market offering program—a mechanism that lets companies sell new shares gradually into the open market without arranging a traditional banking deal
It mirrors the firm’s actions last week, when it raised $466.7 million through issuing common stock. The cash raised went directly into what Strategy calls its USD Reserve, a dedicated dollar fund maintained specifically to pay dividends and cover debt obligations. As of July 19, that reserve stands at $3.225 billion, per the form.
The people at the front of that payment line are preferred shareholders—investors who bought one of Strategy’s specialized dividend-paying securities like STRC (Stretch), STRK (Strike), STRF (Strife), or STRD (Stride). Preferred shareholders are essentially income investors: they collect regular dividend payments rather than betting on the stock price going up, and they get paid before regular MSTR buyers. Common stockholders—the people who hold MSTR stock—collect whatever’s left over.