Strategy USD Reserve Hits $3B as Saylor Skips BTC Buys

The raise did not come from selling Bitcoin. Instead, Strategy sold common stock, so its BTC Reserve held steady while its cash pile grew. The prior reserve stood at $2.55 billion in late June.

Where the $450 Million Came From

Strategy raised the cash through at-the-market sales of MSTR common stock. According to aggregated reporting, it sold about 4.82 million shares between July 6 and July 12. Those sales generated roughly $466.7 million in gross proceeds.

Net of costs, about $450 million flowed into the reserve. So the company added dollars without touching a single Bitcoin. That choice matters, because Strategy also runs a separate BTC Monetization Program with up to $1.25 billion of capacity.

Saylor framed the update plainly on his X account. “As of 7/12/2026, we hodl ₿843,775 in our BTC Reserves and $3.0 billion in our USD Reserves,” he wrote, tagging $MSTR and $STRC.

What the Strategy USD Reserve Actually Does

The Strategy USD Reserve is not general spending money. It is a Board-designated bucket with strict rules. Per the company’s Form 8-K policy, it can only cover preferred stock dividends and interest on debt.

Any other use needs explicit Board approval. The policy also sets a floor. Strategy must keep at least 12 months of expected dividend and interest costs in reserve at all times.

Those obligations are large. The firm’s annual preferred dividend and interest load runs near $1.76 billion. As a result, a $3.0 billion reserve now covers roughly 20 months of payments.

Bitcoin Holdings Stay Flat at 843,775 BTC

Strategy’s Bitcoin position has not moved since July 6. On that date, the company sold 3,588 BTC, worth about $216 million, under its monetization program. Since then, the balance has held at ₿843,775.

The average cost basis sits near $75,482 per Bitcoin. Strategy has invested roughly $63.69 billion to build the position. Year to date, its net Bitcoin holdings are up 171,278 BTC.

Bitcoin traded near $62,661 at the time of the update, per Strategy’s metrics dashboard. That level sits below the company’s average purchase price. Still, Strategy chose to raise cash rather than sell more coins.

How the Numbers Check Out

Strategy does not publish its wallet addresses, citing security. So investors verify the holdings mainly through SEC filings, not full on-chain proof of reserves. The company points them to its Form 8-K disclosures and its live dashboard.

Independent trackers line up with those figures. BitcoinTreasuries.net lists exactly ₿843,775 after the July 6 sale, with a history of 113 purchases and two sales. Arkham Intelligence maps clusters covering the large majority of the stash.

The picture still carries caveats. Coverage of the July 13 update stayed light in major outlets at first, given how fresh it was. So the exact share count and proceeds trace to early reporting, pending a formal new 8-K.

Bulls See Dry Powder, Bears See a Pause

Reaction on X split along familiar lines. Bulls called the move prudent risk management. In their view, a bigger cash cushion cuts the risk of forced Bitcoin sales during a drawdown.

Bears read it differently. They noted that Strategy raised the cash by diluting MSTR shareholders while it bought no new Bitcoin. Some framed the flat holdings as a quiet pause in aggressive accumulation.

Both camps cite real numbers. The heavy preferred dividend load and recent stock weakness support the caution. Meanwhile, the deep coverage ratio supports the bull case.

Named voices leaned into each side. MSTR-focused analysts such as Dylan LeClair have long stressed the credit angle. Skeptics, in turn, keep pointing to leverage math and the roughly $1.76 billion in yearly obligations.

Market Snapshot After the Update

MSTR common traded near $94.64 after the news, up about 0.8% on the session. Its 52-week range runs from roughly $81.81 to $457.22. Volume stayed elevated on the stock-sale activity.

The STRC preferred shares changed hands near $87.48, up about 2%. At that price, the effective yield sits around 13.72%. That preferred sits inside Strategy’s wider Digital Credit stack, which blends common stock, preferreds, and debt. Strategy’s mNAV, a premium-to-holdings gauge, hovered near 1.04x, though some analysts pegged it lower in June.

What the Strategy USD Reserve Move Signals Next

The update reframes Strategy as a treasury and credit company, not just a Bitcoin buyer. For now, the larger Strategy USD Reserve gives the firm room to meet payouts without selling coins. Whether the Board later deploys the extra cash into Bitcoin remains an open question.

Investors can track the holdings on Strategy’s dashboard and its SEC filings as a new 8-K lands. Watch the balance between equity raises, preferred issuance, and any future Bitcoin buys. This article is informational only and is not financial advice.