Between July 6 and July 12, Strategy (formerly MicroStrategy) sold 4.82 million MSTR shares, raising $466.7 million. The data was disclosed in an 8-K form filed with the U.S. Securities and Exchange Commission.
Despite the significant influx of liquidity, the corporation's dollar reserve increased by $450 million, reaching $3 billion. However, the key asset — bitcoin — remained unchanged: 843,775 BTC, acquired at an average price of $75,476.
Situation Analysis
The absence of new bitcoin purchases amid a large-scale share issuance raises questions. Typically, Strategy uses such rounds to expand its cryptocurrency position, but currently, the funds appear to be directed toward strengthening the cash reserve. This may signal a tactical pause or an expectation of more favorable entry prices.
Given the current market volatility and regulatory uncertainty, the decision to maintain the bitcoin position at the same level seems rational. However, accumulating $3 billion in fiat assets hints at preparation for a major deal — possibly in the event of a BTC correction below $70,000.
Expert opinion: The strategy of accumulating cash without immediately reinvesting in bitcoin is a sign of mature corporate governance. But if the market continues to rise, such conservatism could result in missed profits. We will monitor the next reports — the key moment will be when the company decides to activate this reserve.