Strategy sold 5,429,160 Class A common shares between July 20 and July 26, raising $544.5 million in net proceeds through its at-the-market offering program, according to a Form 8-K filed with the SEC on Monday.

The company also repurchased 288,930 shares of its STRC preferred stock for $25 million. MSTR was up 2.63% at $94.08 in early Monday trading, while STRC preferred shares rose 2.3% to $88.90 before the open.

The filing showed that Strategy’s U.S. dollar reserve increased to $3.75 billion as of July 26, up from $3.225 billion the previous week. The reserve is intended for dividend payments on preferred stock and interest payments on outstanding debt. That cash reserve is relevant because Strategy has increasingly used equity and preferred stock instruments alongside debt financing as part of its capital structure, while maintaining a large Bitcoin treasury position.

No Bitcoin Purchases for a Third Consecutive Week

Strategy reported no Bitcoin purchases or sales for the third week in a row. Its holdings remain unchanged at 843,775 BTC, acquired at an average price of $75,476 per coin, or $63.69 billion in total.

Bitcoin was trading around $64,911 to $64,971 at the time of the filing, below Strategy’s average purchase price.

Michael Saylor, Strategy’s executive chairman, addressed the STRC buyback in a post on X:

We repurchased 288,930 shares of $STRC for $25M at an average price of $86.52 per share. We intend to remain a regular, disciplined buyer of STRC below $100. More at deeper discounts, less as STRC nears $100. Another $975M remains available for our prefs.

— Michael Saylor (@saylor) July 27, 2026

The STRC instrument is a 9.0% Series A Perpetual Stretch Preferred Stock, and the repurchase reduces the outstanding float of that security. Saylor said in the post that Strategy intends to remain a regular buyer of STRC below $100, purchasing more at deeper discounts and less as STRC approaches $100. He also said another $975 million remains available for the company’s preferred stock programs.

The preferred stock repurchase followed a Sunday post by Saylor on X stating, “We’re gonna need another color.” Some observers interpreted the post as a possible hint at another preferred stock-related move, though no additional details were provided.

Saylor Comments on Bitcoin and Banks

Saylor also drew attention over the weekend with comments about Bitcoin and traditional financial institutions. He argued on X that Bitcoin’s growth depends on integration with banks, writing that excluding banks would prevent most potential users from gaining access.

The remarks prompted criticism from some Bitcoin supporters, who pointed to the original Bitcoin white paper’s description of BTC as a peer-to-peer electronic cash system designed to remove intermediaries.

The exchange highlighted a continuing divide within the Bitcoin community. One side views banks as important access points for broader adoption, while the other sees reliance on traditional financial institutions as inconsistent with Bitcoin’s original design.

Strategy’s choice to buy back STRC preferred stock instead of adding to its Bitcoin holdings for a third straight week has led some analysts to flag a possible shift in the company’s operating model, given that Bitcoin purchases have been central to its public identity and market positioning. The next filings and company disclosures will show whether the recent pause in Bitcoin acquisitions continues, and how much of the remaining preferred stock authorization is used.

BTC-USD was down 0.72% ahead of the U.S. market open on Monday.