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