Strategy raises $467M, keeps 843,775 BTC after $216M Bitcoin sale

Strategy (formerly MicroStrategy) disclosed that it sold 3,588 BTC for roughly $216 million – its largest Bitcoin disposal – to fund preferred‑stock dividends and replenish its dollar reserve. The sale left the company with 843,775 BTC, bought at an average cost of $75,476 per coin, now valued at about $53 billion, creating an unrealized loss of roughly $10.7 billion.

In the week of July 6‑12 the firm sold 4,818,781 Class A shares through its at‑the‑market program, raising $466.7 million and boosting its cash reserves to $3 billion. No additional Bitcoin was bought or sold during that period, confirming that the new capital is being raised via equity rather than liquidating the Bitcoin treasury.

Founder and Executive Chairman Michael Saylor posted the familiar Bitcoin‑tracker graphic on X with the caption “Orange dots tell only part of the story,” a signal that investors have traditionally taken as a hint of upcoming purchases. This time the message was ambiguous, prompting market speculation and commentary from analysts such as Standard Chartered, who noted the company’s new framework allowing future Bitcoin sales to support preferred‑stock dividends and debt‑interest payments.

The shift away from the long‑standing “never sell” stance has added pressure to Strategy’s shares, which have fallen about 70 % year‑to‑date, and raised questions about the sustainability of the corporate‑crypto‑hoarding model that many publicly traded “digital‑asset treasury” firms follow.