Strategy sold $466.7 million worth of shares without increasing its Bitcoin reserve.

Last week, from July 6 to July 12, Strategy sold 4.82 million shares of MSTR, raising $466.7 million. This data is reflected in the Form 8-K filed with the U.S. Securities and Exchange Commission (SEC).

The organization's dollar reserve increased by $450 million, reaching the $3 billion mark. However, despite the significant influx of liquidity, the bitcoin position remained unchanged — 843,775 BTC with an average purchase price of $75,476.

Situation analysis: The absence of bitcoin purchases amid a large equity issuance may indicate a strategic pause or anticipation of more favorable market conditions. Given the current volatility and regulatory uncertainty, this approach appears rational. Accumulating a dollar reserve provides the company with flexibility for aggressive actions in the event of a BTC price correction.