Strategy, the business intelligence company known for holding the largest corporate Bitcoin treasury, continued to adjust its capital structure last week through a mix of common stock sales and preferred share repurchases.

Between July 20 and July 26, Strategy sold 5,429,160 shares of its Class A common stock, MSTR, through its at-the-market (ATM) offering program. The sales generated $544.5 million in net proceeds. ATM programs allow listed companies to sell newly issued shares into the open market over time, rather than through a single underwritten offering, making them a flexible source of capital but also increasing the share count.

MSTR shares were up more than 2% in Monday premarket trading, according to Yahoo Finance. Strategy’s STRC preferred shares were also higher ahead of the Nasdaq open, rising 2.3% to $88.90.

The company separately repurchased 288,930 shares of its STRC preferred stock for $25 million, according to a Form 8-K filed with the US Securities and Exchange Commission on Monday. Preferred stock sits between debt and common equity in a company’s capital structure and typically carries dividend obligations, making repurchases relevant to both liquidity management and future cash commitments.

The filing followed comments from Strategy executive chairman Michael Saylor, who prompted speculation on Sunday with a post on X saying, “We’re gonna need another color.” Some market observers interpreted the post as a possible signal related to the company’s preferred stock strategy. Source: Michael Saylor on X.com

Stock sales lift dollar reserve to $3.75 billion

After raising additional capital through its ATM stock offering program, Strategy increased its US dollar reserve to $3.75 billion as of July 26, compared with $3.225 billion the previous week.

Strategy reported no Bitcoin purchases or sales during the July 20–26 period. Its holdings therefore remained unchanged at 843,775 BTC, acquired at an average purchase price of $75,476 per Bitcoin, or $63.69 billion in total. Bitcoin was trading at about $64,971 at the time of publication.

The larger cash reserve reflects the company’s effort to maintain liquidity while expanding its capital markets activity through common stock offerings and preferred stock instruments. Strategy has said the reserve is intended to support dividend payments on preferred stock and interest payments on its outstanding debt. That cash buffer is closely watched because the company’s Bitcoin strategy is financed not only by operating cash flows, but also by recurring access to equity, preferred equity, and debt markets.

Saylor comments renew debate over banks and Bitcoin

The capital structure update came shortly after Saylor reignited discussion over the role of banks in Bitcoin’s future by arguing that the asset’s growth depends on integration with traditional financial institutions.

In a Sunday post on X, Saylor wrote that rejecting Bitcoin’s connections to financial infrastructure would deny access to most potential users. Source: Michael Saylor on X.com

His comments drew criticism from some Bitcoin supporters, who argue that deeper bank involvement conflicts with the network’s original objective of enabling transactions without intermediaries.

Several users responded by pointing to Bitcoin’s white paper, which described Bitcoin as a peer-to-peer electronic cash system intended to remove the need for financial institutions. The exchange underscored a divide between advocates who see banks as necessary gateways for wider adoption and those who view them as a risk to Bitcoin’s decentralized foundation.