Strategy raised $466.7 million by selling 4.8 million MSTR Class A shares through its at-the-market offering between July 6 and July 12, according to a Monday 8-K filing with the SEC. The company did not buy or sell any Bitcoin during the period. Holdings remain at 843,775 BTC at an average purchase price of $75,476 per BTC. The equity raise boosted the USD reserve to $3 billion — up from $2.55 billion a week earlier — as Strategy prepares to make its first semi-monthly STRC dividend payment on Wednesday July 15. MSTR shares were trading down approximately 3% to $91.80 ahead of Monday's Nasdaq open.The Capital Raise — Equity Over Bitcoin SalesThe shift from Bitcoin sales to equity issuance is the most significant element of Monday's disclosure. Last week's 3,588 BTC sale for $216 million — Strategy's largest Bitcoin sale since abandoning its "never sell" commitment — had been read by Grayscale's Zach Pandl as a one-time reserve replenishment rather than an ongoing monetization strategy. Monday's 8-K confirms that reading: Strategy has returned to funding its dollar reserve through MSTR share sales rather than Bitcoin liquidations, executing $466.7 million in ATM equity in a single week — more than double the $216 million Bitcoin sale — while leaving the BTC stack untouched.Related: Bitcoin's Asian-Session Slip to $62,800 Is a Leverage Flush, Not a Breakdown — ETFs Just Posted Their First Weekly Inflows in Nine WeeksThe mechanics matter for market impact. ATM equity sales dilute common shareholders and require MSTR to be trading at a level where new shares can be sold without excessive dilution — MSTR at $91.80 remains 85%+ below its November 2024 all-time high but has recovered from the $82 lows that made ATM issuance economically painful in late June. Every dollar raised through equity is a dollar that does not require Bitcoin to be sold, directly reducing the forced-seller overhang that Marex had identified as keeping a lid on Bitcoin sentiment throughout the correction.The $3 Billion Reserve and the STRC Dividend CalendarStrategy's USD reserve at $3 billion — up $450 million in a week — is the highest level since the company began disclosing this figure. The reserve funds two ongoing obligations: dividend payments on STRC preferred stock and interest on outstanding debt. The immediate trigger for the equity raise is Wednesday's STRC first semi-monthly dividend payment — the new twice-monthly schedule announced June 8 uses the 15th and last day of each month as record dates, with the first June 30 record date triggering a July 15 payment.A $3 billion reserve at the current STRC dividend rate of 11.50% annually — with approximately 13.3 million STRC shares outstanding at $100 par — implies annual dividend obligations of approximately $153 million, meaning the current $3 billion reserve covers approximately 19-20 months of dividend payments at the existing rate. This is meaningfully more comfortable than the 14-month runway CryptoQuant had identified in late June as evidence of capital structure stress, and it is constructive for STRC holders who had priced in forced-selling risk when the stock fell to $73.The Prior Transactions — BTC Sales in Late June, Equity in Early JulyThe 8-K provides a clear picture of the sequencing. Between June 29 and June 30, Strategy sold 1,363 BTC at an average price of $59,256. Between July 1 and July 5, it sold 2,225 BTC at an average price of $60,773 — the transactions that totaled 3,588 BTC for $216 million. Simultaneously, a June 29 8-K disclosed the sale of 12.7 million MSTR shares through the ATM offering for $1.15 billion in net proceeds. The July 6-12 8-K disclosed Monday adds a further 4.8 million shares for $466.7 million. In total, Strategy has raised approximately $1.6 billion in equity and sold $216 million in Bitcoin over the past two weeks — a 7-to-1 ratio of equity to Bitcoin monetization that confirms Grayscale's "prudent balance sheet management" reading rather than the panic capitulation narrative that had briefly dominated sentiment when the Bitcoin sales were first disclosed.Related: Bitcoin Long-Term Holder Metrics Hit Record Highs as 17.7% of Supply Sits Unmoved for Over 10 YearsThe $23.8 Billion ATM Overhang — Context and RiskStrategy retains $23.8 billion of remaining capacity under its MSTR ATM offering — including $21 billion from a new offering announced March 23. The company said it may begin selling shares under the additional capacity once the existing offering is substantially depleted. At Monday's MSTR price of $91.80, the $23.8 billion capacity represents approximately 259 million additional shares — meaningful potential dilution for common shareholders but also an enormous equity funding runway that reduces the probability of further Bitcoin sales to fund obligations.The ATM capacity is constructive for Bitcoin's supply dynamics but represents ongoing dilution pressure for MSTR holders. As long as MSTR trades above levels where ATM issuance is viable, Strategy can fund its capital structure through equity rather than Bitcoin — which is the specific scenario Grayscale and Bitrue had identified as "paving the way for a more durable Bitcoin bottom."
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