MicroStrategy sells $467M of MSTR shares, holds 843,775 BTC
MicroStrategy (MSTR) sold 4.8M shares via its at-the-market (ATM) program from July 6–12, raising about $467M, according to a US SEC 8-K. MSTR did not buy or sell Bitcoin during the period and kept its BTC treasury unchanged at 843,775 BTC, with an average purchase price of $75,476.
The MSTR share sales lifted MicroStrategy’s USD reserve to about $3.0B (up from $2.55B the prior week). The cash is earmarked for STRC preferred dividends and interest on outstanding debt, and it includes expected—but not yet settled—ATM proceeds.
MicroStrategy still has $23.8B of remaining ATM capacity, including capacity tied to a new $21B authorization announced March 23. It previously sold 3,588 BTC for about $216M to replenish the USD reserve and support preferred dividends, with no BTC buys reported in a late-June filing. The company also moved STRC preferred dividends to a semi-monthly schedule, with the first payment set for July 15.
For crypto traders, this is a balance-sheet and liquidity play: funding comes from MSTR shares while near-term Bitcoin holdings stay steady. In the specific reporting window, direct BTC supply pressure appears limited.
Neutral
The news is unlikely to create immediate BTC price pressure because MicroStrategy did not trade BTC during the reporting window and kept its treasury steady at 843,775 BTC. Instead, the company funded cash needs via MSTR share sales under its ATM program, increasing USD reserve for STRC preferred dividends and debt interest.
In the short term, traders may treat this as supportive of stability: cash is raised without changing BTC exposure, so there is no clear incremental BTC sell flow tied to July 6–12. Over the longer term, sentiment can turn slightly negative if further ATM selling coincides with renewed BTC reductions, but the current update emphasizes capital-structure management rather than BTC liquidation.