Strategy (MSTR) stock rises 3% as company raises $333M through share sale

Strategy (formerly known as MicroStrategy) MSTR stock surged 3% on Monday as the Bitcoin-focused company led by Michael Saylor kept its Bitcoin holdings unchanged over the past week while continuing to raise cash through sales of its own shares.

According to a filing with the US Securities and Exchange Commission, Strategy sold 3.46 million shares of MSTR common stock between Aug. 10 and Aug. 16, generating about $333.7 million (approx. €291.1 million) in net proceeds.

The company did not buy or sell any Bitcoin during the period.

The latest stock sale comes as Strategy continues to use equity markets to strengthen its liquidity position while maintaining its long-term Bitcoin treasury strategy.

Strategy boosts cash reserve through MSTR sales

Strategy allocated the proceeds from the latest share sale across three areas.

About $52.4 million (approx. €45.7 million) was used to fund dividends on its STRC preferred stock, while another $132.2 million (approx. €115.3 million) went toward repurchasing STRC shares under its Digital Credit Securities Repurchase Program.The remaining $149.1 million (approx. €130.1 million) was added to the company's USD Reserve, which is designed to cover preferred-stock dividends and interest payments on debt.

The reserve reached approximately $4.8 billion (approx. €4.2 billion) following the latest transaction, according to the filing.

It has increased by roughly $1.5 billion (approx. €1.3 billion) over the past three weeks, providing Strategy with a larger liquidity cushion as it manages its financing obligations.

The latest stock offering continues a broader pattern of using MSTR shares to raise capital.

Strategy sold roughly 4.8 million shares for $466.7 million (approx. €407.1 million) in July and followed that with additional sales in August.

The company has said such transactions are intended to fund preferred-stock dividends and strengthen its USD Reserve rather than indicate a broader departure from its Bitcoin strategy.

Bitcoin holdings remain at 840,447 BTC

Strategy held approximately 840,447 Bitcoin following the latest reporting period. The holdings were valued at about $53.4 billion (approx. €46.6 billion) based on the price cited in the filing.

The company acquired its Bitcoin at an average price of $75,385 per coin, with its total cost reaching approximately $63.4 billion (approx. €55.3 billion), including fees and expenses.

Strategy's Bitcoin holdings remain equivalent to roughly 4% of Bitcoin's 21 million maximum supply.

The latest pause in Bitcoin transactions follows several sales earlier this year.

Since May, Strategy has sold approximately 6,948 BTC for about $431.8 million (approx. €376.7 million). Its most recent reported Bitcoin sale involved 1,690 BTC for roughly $108 million (approx. €94.2 million).

The company has also authorized a framework allowing it to sell Bitcoin to fund its reserve, dividends, interest payments and securities repurchases.

Strategy faces broader questions over treasury model

Strategy's approach comes as Bitcoin treasury companies face increased scrutiny over their valuations and market structure.

Under its Digital Credit Capital Framework, the company has restricted its USD Reserve to preferred-stock dividends and interest payments while authorizing a $1 billion (approx. €872.3 million) repurchase program for digital credit securities.

It has also approved a $1 billion (approx. €872.3 million) common-stock buyback program.

Meanwhile, Strategy and fellow Bitcoin treasury company Metaplanet could face removal from MSCI's Global Investable Market Indexes under a proposed methodology for identifying non-operating companies.

A simulation using May 2026 data showed Strategy, Metaplanet and uranium investment company Yellow Cake would be deleted from the MSCI ACWI IMI under the proposal.

Despite the scrutiny, institutional interest in Bitcoin treasury companies remains.

Norway's sovereign wealth fund increased its indirect Bitcoin exposure to a record 11,549 BTC in the first half of the year, with Strategy holdings accounting for 86% of that exposure, according to K33.