Michael Saylor-led Strategy (Nasdaq: MSTR), formerly MicroStrategy, repeated its playbook from last week as it again sold the company's common shares to boost its cash reserve while adding no Bitcoin (BTC) to its balance sheet.
The company disclosed in its filing with the Securities and Exchange Commission (SEC) on July 20 that it sold 2,732,318 MSTR shares worth $263.5 million and grew its U.S. dollar reserve to $3.225 billion.
The cash reserve is intended to support the payment of dividends on the company's preferred stock and interest on its outstanding indebtedness.
Similar to last week, Strategy did not buy or sell any Bitcoin as the company's holdings stood at 843,775 coins as of July 19.
The company even sold Bitcoin twice this year for the first time after 2022.
32 Bitcoin for around $2.5 million between May 26 and May 31
3,588 BTC for $216 million between June 29 and July 5
The company has purchased these coins for $63.69 billion at an average price of $75,476 per coin.
Bitcoin was trading at $64,666 at press time as per Decibel.
So, the value of Strategy's Bitcoin holdings is $54.56 billion. It means the company is $9.13 billion underwater on its BTC holdings.
The MSTR stock, which closed at $94.85 on July 17, was exchanging hands at $96.20 in premarket hours on July 20.
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As reported earlier, JPMorgan Chase analysts said that Strategy's cash boost, coupled with positive flows into Bitcoin futures, are "encouraging signs" for Bitcoin's outlook.
As per the analysts, retail investors have been buying the Strategy-linked ETFs. This buying trend has supported the MSTR stock, they said.
Related: If Musk had bought Bitcoin and gold instead of Twitter, here's what it would be worth today
This story was originally published by TheStreet on Jul 20, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.
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