Michael Saylor’s Strategy Raised $466.7M But Bought Zero Bitcoin

Michael Saylor’s Strategy raised nearly $467 million last week by selling MSTR shares, but unlike its usual strategy, the company did not buy any Bitcoin. Instead, the company increased its cash reserve to a record $3 billion, leaving investors wondering whether Saylor is preparing for a bigger Bitcoin dip to buy BTC.

Strategy Raises $466.7M After Selling Class A Stocks

According to Strategy’s latest SEC filing, the company sold 4,818,781 Class A MSTR shares between July 6 and July 12, raising $466.7 million through its at-the-market (ATM) offering program.

Interestingly, Strategy did not sell any of its preferred shares, including STRC, STRF, STRK, or STRD, during the same period.

More importantly, despite raising fresh capital, the company did not purchase any Bitcoin. As of 13 July, Strategy still holds 843,775 BTC, acquired for about $63.69 billion at an average purchase price of $75,476 per Bitcoin.

The filing also showed that Strategy’s U.S. dollar reserve increased to a record $3 billion, up by roughly $450 million.

Why Didn’t Strategy Buy Bitcoin?

For years, Strategy has followed a simple playbook, raise capital and quickly convert it into Bitcoin. This time, however, the company chose to hold cash instead.

The decision comes shortly after Strategy on 6th July announced it sold around $216 million worth of Bitcoin to strengthen its liquidity position.

Many market participants believe that Strategy could be waiting for a better buying opportunity if Bitcoin sees another sharp correction.

Others believe the move is linked to Strategy’s growing preferred stock business. Holding more cash strengthens the balance sheet, helps cover dividend payments and debt obligations, and provides greater confidence to investors holding products like STRC.

Strategy’s Treasury Continues to Grow

Along with its Bitcoin holdings, Strategy now holds one of its largest cash positions ever.

The company reported:

• 843,775 BTC in reserves.
• Around $3 billion in cash reserves.
• About $450 million was added to cash during the latest reporting period.

The company also still has significant room to raise more capital, with over $23.7 billion remaining under its MSTR at the market offering program.

For now, Strategy appears to be taking a more flexible approach to treasury management. Rather than converting every dollar into Bitcoin immediately, the company is building liquidity that could be deployed if market conditions become more attractive.

• BTC$ 84,824.69(0.32%)

microstrategy microstrategy   Strategy, formerly MicroStrategy, is an American firm that produces enterprise software solutions and is among the top global corporations holding a Bitcoin stockpile. Strategy was founded in 1989 by Michael Saylor, Thomas Spahr, and Sanju Bansal. The firm specializes in producing enterprise analytics, business intelligence (BI), cloud-native data platforms, and AI-driven decision intelligence solutions.   The company rebranded from MicroStrategy to Strategy in February 2025 to reflect its transformation into a corporation based on two main pillars – enterprise analytics software and treasury Bitcoin reserves. Though the firm's software operations continue to help organizations make sense of their data, Strategy became famous worldwide for adopting Bitcoin as its primary reserve currency in 2020.   Microstrategy Details:   Attribute Details Company Name Strategy (formerly MicroStrategy Incorporated) Stock Symbol MSTR (Nasdaq) Primary Products Strategy One, Strategy Cloud, HyperIntelligence, AI-powered Business Intelligence Solutions Bitcoin Treasury One of the world's largest corporate Bitcoin holders First Bitcoin Purchase August 2020 Bitcoin Strategy Long-term Bitcoin treasury reserve strategy Revenue Source Software subscriptions, cloud services, product licenses, support services, and digital asset strategy Deployment Options Cloud, On-premises, Hybrid AI Capabilities AI-powered analytics, automated insights, and enterprise intelligence Supported Platforms Web, Desktop, Mobile Global Presence Customers in more than 100 countries Exchange Listing Nasdaq Market Focus Enterprise Business Intelligence and Digital Asset Treasury Management Investor Relations Available through the ⁠Strategy Investor Relations portal   Key Features of Strategy:   Enterprise business intelligence and analytics platform. Strategy Mosaic universal semantic layer. AI-ready data governance framework. Embedded analytics for enterprise applications. Natural language querying powered by AI. Enterprise reporting and interactive dashboards. Support for more than 200 cloud and on-premises data sources. REST APIs and developer integrations. Smart Caching and query optimization. Enterprise-grade role-based access control (RBAC). Cloud, hybrid, and on-premises deployment options. Corporate Bitcoin treasury management strategy.   MicroStrategy Milestones:   Year Achievement 1989 Michael Saylor and Sanju Bansal founded MicroStrategy. 1992 Secured a major enterprise analytics contract with McDonald's. 1998 Listed on Nasdaq under the ticker MSTR. 2020 Became the first publicly traded company to adopt Bitcoin as its primary treasury reserve asset. 2021 Continued Bitcoin accumulation through convertible note offerings. 2025 Rebranded from MicroStrategy to Strategy and launched the Strategy Mosaic platform as the company's flagship semantic layer.     MicroStrategy Core Products & Services:   Strategy One – An AI-powered enterprise analytics platform that combines business intelligence, reporting, dashboards, and governed AI into a single solution. Strategy Mosaic – A semantic layer for all enterprises that enables integration of data across the cloud, on-premise, and hybrid deployments without transferring any data. Cloud Platform – Cloud-based platform with analytics services built-in. Strategy Workstation – A centralized administration and development tool for managing projects, users, and system configurations. Strategy Library – A web and mobile portal that provides users with access to reports, dashboards, documents, and collaborative analytics. Platform Analytics – Monitors platform performance, system health, and user activity to optimize enterprise analytics operations.   info@microstrategy.com Business Intelligence

Michael Saylor Michael Saylor at microstrategy   Michael Saylor is an American entrepreneur, author, inventor, and the Co-Founder and Executive Chairman of Strategy, formerly known as MicroStrategy. He co-founded the company in 1989 with Sanju Bansal and Thomas Spahr and served as its CEO until 2022. The company began as an enterprise analytics and business intelligence software firm and later adopted Bitcoin as its primary treasury reserve asset in 2020. Saylor became closely associated with Strategy's Bitcoin strategy and corporate digital asset adoption. He graduated from the Massachusetts Institute of Technology in 1987 with dual degrees in Aeronautics and Astronautics and Science, Technology, and Society. He is also the founder of Saylor Academy.   Quick Facts:   Field Details Full Name Michael J. Saylor Nationality American Current Position Executive Chairman Current Company Strategy, formerly MicroStrategy Company Founded 1989 Co-Founders Michael Saylor, Sanju Bansal, Thomas Spahr Former Position Chairman and CEO, MicroStrategy CEO Tenure 1989–2022 Executive Chairman August 2022–Present Education Massachusetts Institute of Technology MIT Education Dual degrees in Aeronautics and Astronautics and Science, Technology, and Society Professional Areas Enterprise analytics, business intelligence, technology, Bitcoin Author The Mobile Wave: How Mobile Intelligence Will Change Everything Founder Saylor Foundation Education Initiative Saylor Academy Primary Digital Asset Focus Bitcoin   Career Overview:   Michael Saylor began his career in consulting before co-founding MicroStrategy in 1989 with Sanju Bansal and Thomas Spahr. The company developed enterprise analytics and business intelligence software and went public on Nasdaq in 1998. Saylor served as Chairman and CEO for more than three decades before becoming Executive Chairman in August 2022. His career later became closely associated with Strategy's Bitcoin treasury strategy, which began in 2020. Alongside his work at Strategy, Saylor has pursued education initiatives through the Saylor Foundation and Saylor Academy and has written about the impact of technology on business and society.   Career Timeline:   Year Career Development 1987 MIT Graduate: Graduated from the Massachusetts Institute of Technology with dual degrees in Aeronautics and Astronautics and Science, Technology, and Society. 1987–1989 Consulting: Worked in consulting before establishing MicroStrategy with Sanju Bansal and Thomas Spahr. 1989 Co-Founder, MicroStrategy: Co-founded MicroStrategy with Sanju Bansal and Thomas Spahr, establishing the company as an enterprise analytics and business intelligence software business. 1998 Public Company Expansion: MicroStrategy became a publicly traded company on Nasdaq under the ticker MSTR. 1999 Saylor Foundation: Established the Saylor Foundation, which later developed the educational initiative Saylor.org. 2008 Saylor.org: The Saylor Foundation launched its free education initiative. 2012 Author: Published The Mobile Wave: How Mobile Intelligence Will Change Everything. 2020 Bitcoin Treasury Strategy: MicroStrategy adopted Bitcoin as its primary treasury reserve asset and began purchasing Bitcoin as part of its corporate treasury strategy. 2022 Executive Chairman, MicroStrategy: Stepped down as CEO and became Executive Chairman while continuing to serve as Chairman of the Board. 2025 Strategy Rebrand: MicroStrategy changed its corporate name to Strategy. Saylor continued as Executive Chairman. 2026 Executive Chairman, Strategy: Continues to serve as Executive Chairman of Strategy and remains associated with the company's Bitcoin strategy.     msaylor@microstrategy.com EntrepreneurCrypto and Blockchain ExpertAuthor