Key Highlights
- Strategy (MSTR) stock jumped 7.37% to $98.39 after the company raised $544.5 million through a share sale and expanded its cash reserve.
- The rally came as Strategy increased its U.S. dollar reserve to $3.75 billion, enough to cover about 2.1 years of financial obligations.
- Despite the price surge, Strategy did not buy more Bitcoin, keeping its holdings unchanged at 843,775 BTC while focusing on building its cash position.
Strategy Inc. (NASDAQ: MSTR), the largest corporate Bitcoin holder, saw its stock rise 7.37% on Monday after the company raised additional capital and expanded its cash reserve. At the time of writing, the stock was trading at $98.39, after briefly reaching an intraday high of $98.75 and a low just below $94.00.
The rally lifted Strategy’s market capitalization to about $34.53 billion, while trading volume reached approximately 14.95 million shares.
Why is MSTR up today?
The rally came after Strategy announced that it sold 5,429,160 Class A common shares through its at-the-market (ATM) program during the week of July 20 to July 26. The share sale brought in net proceeds of $544.5 million.
At the same time, the company spent $25 million to buy back 288,930 shares of its Variable Rate Series A Perpetual Stretch Preferred Stock (STRC), marking the first repurchase under its newly approved buyback program.
Cash reserve grows to $3.75 billion
These two transactions increased Strategy’s dedicated U.S. dollar reserve by $525 million, bringing the total to $3.75 billion as of July 26. According to the company, this cash reserve is large enough to cover about 2.1 years of preferred dividends and interest payments. In short, the company now has a much bigger financial cushion to meet its regular obligations without depending on market conditions.
One notable detail in the announcement was that Strategy did not purchase additional Bitcoin despite raising more than half a billion dollars. The company said its Bitcoin holdings remained unchanged at 843,775 BTC, making it still the world’s largest corporate Bitcoin holder. These coins were bought at an average price of about $75,476 each, giving the company a total purchase cost of around $63.7 billion.
Why Strategy is building more cash
So why did Strategy choose to build its cash reserve instead of adding more Bitcoin? The answer lies in the company’s new Digital Credit Capital Framework, introduced in late June 2026.
In the past, Strategy was known for raising money mainly to buy more Bitcoin. The new plan takes a different approach. Instead of putting every new dollar into Bitcoin, the company is now balancing its long-term Bitcoin strategy with stronger cash management. The goal now is to keep enough money on hand to cover debt costs and preferred dividend payments while still holding its large Bitcoin treasury.
According to Strategy’s Form 8-K filing, no preferred securities were sold during the reporting period. Most of the activity came from issuing common shares and carrying out the STRC buyback. After the latest share sale, the company still has about $22.98 billion available under its ATM program. It also has about $975 million remaining under its $1 billion Digital Credit Securities repurchase authorization.
The announcement comes just days before Strategy is scheduled to report its second-quarter 2026 earnings on July 30. Investors are waiting for more details about the company’s finances or future Bitcoin strategy. For now, Monday’s market reaction suggests the company’s latest move to strengthen its cash position has become the main story, while its Bitcoin holdings remain exactly where they were.
Bitcoin struggles to hold $65K
The move also comes as Bitcoin attempts to reclaim the $65,000 level after failing to break above it earlier in the day. At the time of writing, Bitcoin was trading around $64,911, up a modest 0.34% over the last 24 hours.
Bitcoin price chart | Source: CoinMarketCap
Trading activity is also up by 105% over the same period, reaching about $25.68 billion. This has also helped push its market valuation to $1.3 trillion in value.
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