Strategy, the corporate software company known for holding a large Bitcoin treasury, continued adjusting its capital structure last week through a combination of common stock sales and preferred share repurchases.

According to company disclosures, Strategy sold 5,429,160 shares of its Class A common stock through an at-the-market, or ATM, offering between July 20 and July 26. The sales generated $544.5 million in net proceeds. During the same period, the company repurchased 288,930 shares of its STRC preferred stock for $25 million, according to a Form 8-K filed with the U.S. Securities and Exchange Commission on Monday.

Strategy also reported that its U.S. dollar reserve rose to $3.75 billion as of July 26, compared with $3.225 billion the previous week. The company said it made no Bitcoin purchases or sales from July 20 through July 26, leaving its holdings unchanged at 843,775 BTC.

ATM sales and preferred stock repurchase

Strategy’s latest financing activity included two separate capital-markets actions: issuing Class A common stock and buying back preferred shares. The Class A stock was sold through the company’s ATM program, a structure that allows shares to be issued into the market over time rather than through a single large offering. ATM programs are commonly used by public companies to raise capital in multiple transactions while reporting sales and proceeds through regular disclosures.

The preferred stock transaction involved the repurchase of 288,930 shares of STRC for $25 million, as detailed in the SEC filing. The move shows that the company is using equity markets to expand liquidity while also managing preferred instruments within its capital structure.

Yahoo Finance data cited in the original reporting showed Strategy’s Class A shares were up more than 2% in Monday premarket trading. The STRC preferred shares were also higher ahead of the Nasdaq open. Market prices can move quickly around corporate financing announcements and related disclosures.

Bitcoin holdings remain unchanged

Although Strategy increased capital-markets activity during the week, the company reported no Bitcoin trades during the July 20-26 reporting window. Its Bitcoin holdings remained at 843,775 BTC, acquired at an average purchase price of $75,476 per Bitcoin, with an aggregate cost basis of $63.69 billion.

At the time of publication, Bitcoin was reported as trading around $64,971. Because Strategy did not add to or reduce its Bitcoin position during the period, the new liquidity was not immediately used for additional BTC purchases.

The company said its expanded cash position is intended to help maintain liquidity as it increases capital-markets activity through common stock offerings and preferred stock instruments. Strategy’s growing U.S. dollar reserve is also designed to support dividend payments on preferred stock and interest payments on its outstanding debt.

Saylor post draws attention to preferred-stock strategy

The financing update followed a Sunday X post by Strategy executive chairman Michael Saylor referencing “another color.” Some observers interpreted the phrase as a possible signal related to the company’s preferred-stock strategy.

The $25 million STRC repurchase, along with the continued buildup of cash reserves, shows that Strategy’s capital-structure management remains closely connected to its broader treasury and funding strategy. Common stock issuance can increase the number of shares outstanding, while preferred share repurchases may affect fixed obligations depending on the terms of the securities and prevailing market conditions. For a company that repeatedly accesses public markets, investors often track both the size of new share issuance and the treatment of preferred securities because each can affect the balance between liquidity, financing costs, and shareholder dilution.

Debate continues over Bitcoin and traditional finance

Strategy’s latest filings also appeared amid renewed discussion prompted by Saylor about Bitcoin’s relationship with traditional finance. On X, Saylor argued that rejecting Bitcoin’s connection to financial infrastructure would limit access for most potential users, indicating that integration with banks is needed for broader adoption.

The position drew criticism from some Bitcoin supporters who argue that Bitcoin’s original purpose, described in its white paper as a peer-to-peer electronic cash system, was to reduce reliance on financial intermediaries. The exchange reflected a recurring divide within the Bitcoin ecosystem: some participants view banks and legacy financial rails as necessary gateways for mainstream use, while others see their involvement as a challenge to Bitcoin’s decentralized foundation.

Strategy operates within that tension as a publicly traded company with a large BTC treasury. Its business relies on conventional capital markets, and its use of common stock offerings and preferred instruments illustrates how corporate Bitcoin exposure can depend on traditional financial infrastructure.

The company’s next treasury disclosures will show whether the expanded cash reserve is followed by additional BTC purchases in later reporting periods, and whether Saylor’s “another color” comment is followed by further preferred-stock actions. For now, the latest filing shows that Strategy raised $544.5 million through Class A share sales, spent $25 million repurchasing STRC preferred stock, increased its dollar reserve to $3.75 billion, and left its Bitcoin holdings unchanged at 843,775 BTC.