Strategy added $525 million to its USD Reserve, bringing the balance to $3.75 billion, while going a fifth consecutive week without buying Bitcoin.

The Bitcoin treasury company said the reserve now provides 2.1 years of coverage for its annual preferred dividends and debt interest obligations. Strategy also repurchased $25 million of STRC preferred stock, marking its first purchase under a $1 billion authorization.

Between July 20 and July 26, Strategy sold 5,429,160 shares of MSTR common stock through its at-the-market program, generating $544.5 million in net proceeds, the company said in an official announcement:

At-the-market programs allow companies to raise cash by selling shares into the public market over time, a tool Strategy has used as it balances Bitcoin holdings, dividend obligations and preferred stock support.

Its Bitcoin holdings remained unchanged at 843,775 BTC. The company has not added to the reserve since disclosing a purchase of 520 BTC for $35 million on June 22.

Strategy has increased its USD Reserve by $525 million, achieving 2.1 years of dividend coverage. As of 7/26/2026, we hodl ₿843,775 in our BTC Reserve and $3.75 billion in our USD Reserve. $MSTR $STRC

— Strategy (@Strategy) July 27, 2026

Strategy said the USD Reserve covers 2.1 years of dividend payments, measured against the $1.76 billion it owes annually in preferred dividends and debt interest. The reserve is central to the company’s capital structure because its preferred securities carry recurring obligations even when it does not sell Bitcoin or buy more BTC.

The filing also disclosed Strategy’s first buyback of its own preferred stock. The company purchased 288,930 Stretch (STRC) shares for $25 million. The buyback used funds from the $1 billion Digital Credit Securities Repurchase Program approved by the board on June 29, leaving $975 million available. A separate $1 billion authorization for common stock remains unused.

STRC has traded below its $100 “par value” since mid-May and reached record lows earlier this month. According to Yahoo! Finance, STRC was changing hands at $88.61 in pre-market trading, up 1.99%.

The capital management shift follows a framework adopted by Strategy several weeks ago. That framework authorized the sale of up to $1.25 billion of Bitcoin to replenish reserves, cover dividends and fund repurchases. Since then, Strategy has raised cash by selling MSTR stock rather than Bitcoin, increasing the reserve first to $3 billion and then to $3.225 billion while diluting common shareholders. The company still has $22.98 billion of MSTR capacity remaining.

On prediction market Myriad, which is owned by Decrypt parent company Dastan, users assigned a 12% probability to Strategy holding more than 1,000,000 BTC by year-end, down from 14% one month ago.

New investor metrics

Strategy’s current pause in Bitcoin purchases is its longest in two years. Last week, the company revised its investor metrics and introduced “net Bitcoin per share,” a measure that subtracts $22.2 billion of debt and preferred claims to show what common shareholders own.

Strategy also redefined mNAV using that figure and set the accretion threshold at 1.0x. Under the previous gross measure, the stock appeared to trade at a discount. Under the new calculation, the same share price is valued at 1.02x, near the level below which issuing stock to buy Bitcoin would reduce Bitcoin per share.

That metric is especially relevant for a company that has funded Bitcoin accumulation and reserves through common stock sales, preferred securities and debt, because each financing source affects the claim common shareholders have on the Bitcoin reserve.

Bitcoin traded around $65,000 on Monday, according to CoinGecko data, putting Strategy’s Bitcoin holdings $8.5 billion below the $63.69 billion it paid. The company is scheduled to report second-quarter earnings on Thursday.