Continued ATM selling at a steady pace of ~$544M per week adds to dilution but also funds bitcoin purchases and the USD reserve. Monitor for any acceleration in ATM sales or changes in the pace of repurchases. No catalyst for a near-term move.
Price Chart
Executive Summary
Strategy Inc filed an 8-K providing a weekly update on its ATM program, repurchases, bitcoin holdings, and USD reserve. During July 20-26, the company sold 5.43 million MSTR shares for net proceeds of $544.5 million, repurchased 288,930 STRC shares for $25.0 million, and made no bitcoin purchases. As of July 26, 2026, bitcoin holdings stood at 843,775 BTC acquired for $63.69 billion, and the USD reserve was $3.75 billion. The filing is a routine capital markets update with no material new information or guidance.
Key Facts
- Sold 5,429,160 MSTR shares under ATM for net proceeds of $544.5 million during the week ended July 26, 2026.
- Repurchased 288,930 shares of STRC (Variable Rate Series A Perpetual Stretch Preferred Stock) for $25.0 million.
- No bitcoin purchases made during the period; total holdings remain 843,775 BTC with average purchase price of $75,476.
- USD reserve balance of $3.75 billion as of July 26, 2026, to support preferred dividends and interest payments.
- Remaining ATM capacity: MSTR $22.98 billion, STRC $17.51 billion, STRD $4.01 billion, STRK $2.10 billion, STRF $1.62 billion.
- $975.0 million remains available for preferred stock repurchases and $1.0 billion for MSTR common stock repurchases.
Financial Impact
Net proceeds of $544.5 million from ATM sales (dilution of ~5.4 million shares) and $25.0 million spent on preferred stock repurchases. No impact on bitcoin holdings.
Risk Factors
- Ongoing dilution from ATM program could pressure common equity value.
- No bitcoin purchases this week may signal a pause in accumulation strategy.
- Preferred stock repurchases are small relative to outstanding amounts.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-316917 |
| Document: 0001193125-26-316917-index-headers.html | 0001193125-26-316917 |
| Document: 0001193125-26-316917-index.html | 0001193125-26-316917 |
| Document: 0001193125-26-316917.txt | 0001193125-26-316917 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 14, 2026 18d ago | 8-K | $136.94 $168.50 | ▲ +23.05% | ▲ +22.94% | $169.71 (+23.93%) |
Sep 1, 2026 4w ago | 8-K | $124.88 $132.70 | ▲ +6.26% | ▲ +6.18% | $169.71 (+35.90%) |
Aug 31, 2026 4w ago | 8-K | $132.94 $136.52 | ▲ +2.69% | ▲ +2.83% | $169.71 (+27.66%) |
Aug 24, 2026 5w ago | 8-K | $122.63 $132.94 | ▲ +8.41% | ▲ +7.94% | $169.71 (+38.39%) |
Aug 17, 2026 6w ago | 8-K | $97.68 $122.63 | ▲ +25.54% | ▲ +26.73% | $169.71 (+73.74%) |
Aug 10, 2026 7w ago | 8-K | $97.33 $97.68 | ▲ +0.36% | ▲ +0.41% | $169.71 (+74.37%) |
Aug 3, 2026 8w ago | 8-K | $94.86 $97.33 | ▲ +2.60% | ▲ +0.58% | $169.71 (+78.91%) |
Jul 30, 2026 9w ago | 8-K | $93.28 $100.01 | ▼ −7.21% | ▼ −3.70% | $169.71 (−81.94%) |
Jul 27, 2026 9w ago | 8-K | $98.65 $93.28 | ▼ −5.44% | ▼ −6.52% | $169.71 (+72.03%) |
Jul 20, 2026 10w ago | 8-K | $97.82 $91.67 | ▼ −6.29% | ▼ −5.86% | $169.71 (+73.49%) |
US Market Status
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