Strategy (ticker: MSTR), the US-listed company that holds more bitcoin than any other publicly traded firm, sold 4,818,781 shares of its Class A common stock between July 6 and July 12, raising approximately $467 million. The company made no new bitcoin purchases during that same period. Its USD cash reserve reached $3 billion by July 12, according to an 8-K filing with the US Securities and Exchange Commission. The week's activity stands in meaningful contrast to the prior filing period, when Strategy raised capital by selling bitcoin outright. This week, the company tapped equity markets instead, leaving its bitcoin holdings untouched while raising funds through stock sales alone, a distinction that sits at the center of how Strategy is now managing its capital structure.

The share sale follows a more significant move the week prior. Between June 29 and July 5, Strategy sold 3,588 BTC for roughly $216 million, using the proceeds to cover quarterly dividends on its STRF, STRD, and STRK preferred instruments as well as the monthly June dividend on its STRC preferred stock. That was its largest bitcoin disposal since a tax-loss transaction in 2022. The July 6 to 12 period shows a different mechanism at work: Strategy tapped equity markets instead of its bitcoin treasury to replenish its cash buffer, consistent with the stated intent of the Digital Credit Capital Framework (announced on June 29), which calls for rotating between capital sources depending on conditions.

Both actions fall under that framework, which Strategy announced on June 29, 2026, under the name Digital Credit Capital Framework. The policy authorizes up to $1.25 billion in bitcoin sales (less than 2.5% of its total holdings), sets a minimum USD reserve floor covering 12 months of preferred dividends and interest obligations, establishes a buyback program for MSTR common stock, authorizes a separate $1 billion Digital Credit Securities buyback covering its STRC, STRF, STRD, and STRK preferred instruments specifically, and raises the STRC preferred dividend rate from 11.5% to 12% per annum effective July 1, 2026. Michael Saylor described the framework's logic at launch: "Digital Credit requires liquidity, discipline, and active capital management." The framework also affirms bitcoin as the company's primary treasury reserve asset. The $3 billion reserve now covers approximately 17.4 months of combined preferred dividend and interest payments, based on an estimated annual expense of roughly $1.76 billion.

Strategy currently holds 843,775 BTC, equal to about 4% of bitcoin's fixed 21 million coin supply. Its total cost basis for those holdings is $33.14 billion, at an average purchase price of $66,384 per coin. Bitcoin was trading near $64,341 on July 10. On an absolute basis, the portfolio's total market value is estimated at approximately $52.8 to $53 billion, representing a gain of roughly $19 to $20 billion over Strategy's total cost basis of $33.14 billion. On a per-coin basis, however, the position is technically underwater: the current price of approximately $64,341 sits roughly $2,000 below the company's average acquisition cost of $66,384 per coin. Despite this, the company retains up to $23.79 billion in remaining capacity under its MSTR at-the-money (ATM) equity offering program, giving it substantial runway to raise cash without selling bitcoin.

The week's moves carry practical relevance for retail holders well outside the US. Bitcoin is a primary savings and remittance tool across South Asia and Africa, where grassroots adoption is driven by utility rather than institutional strategy. India alone has approximately 119 million crypto owners, ranking first globally in the Chainalysis adoption index for the third consecutive year, even as the Reserve Bank of India continues to call for an outright crypto ban. Pakistan jumped from 9th to 3rd in the most recent Chainalysis index, with adoption accelerating through inflation hedging and cross-border payment flows. In Nigeria, peer-to-peer bitcoin trading volumes rank among the highest in the world. In Kenya, platforms such as BitPesa serve approximately 6.5 million users for cross-border remittances. For users in these markets, what Strategy does with 4% of all bitcoin supply matters, even if they never interact with MSTR stock or any of the company's preferred instruments.

Strategy's choice to sell equity rather than bitcoin this past week is widely read as a directionally positive signal for price: it means roughly $467 million in liquidity was raised without adding new supply pressure to spot markets. That distinction is meaningful in a period when the broader corporate bitcoin treasury sector is under strain. Across 198 public companies holding a combined 1.268 million BTC, valuations have fallen sharply from peak levels, and at least three companies have fully exited their holdings since early 2026, including South Korea's K Wave Media, which sold all 88 of its BTC on July 1 to redirect capital toward artificial intelligence infrastructure.

Strategy controls roughly 66% of all bitcoin held by publicly listed companies. Its preferred dividend obligations are projected to reach $904 million in 2026, up from $217 million in 2025, reflecting rapid growth in its preferred equity base. Saylor has stated publicly that bitcoin needs to appreciate at an annualized rate of 3.3% for capital gains to cover STRC preferred dividend obligations indefinitely. At current prices, analysts note that this threshold remains within reach, though the margin is narrow. Whether Strategy's equity-first approach to liquidity management holds up as preferred obligations grow will be among the more consequential tests in the corporate bitcoin experiment over the next 12 months.

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Sources: SEC 8-K filing (July 13, 2026), The Block, Investing.com, Bitbo.io, BusinessWire, CoinDesk, CryptoTimes, CoinLaw, Fortune, TFTC.io, StockTitan, Benzinga