Strategy sold 2.71 million shares of its common stock last week to raise $335.5 million, directing most of the proceeds into cash reserves rather than Bitcoin purchases. The move lifted the company's US dollar holdings to $1.4 billion while adding only 520 Bitcoin. The action followed a sharp drop in the price of its STRC preferred shares.
The company sold the shares between June 15 and June 21 through its at-the-market program. It allocated $300 million to cash and spent the remaining $34.9 million on Bitcoin at an average price of $67,068 each. This brought Strategy's total Bitcoin holdings to 847,363.
The financing decision came after STRC fell to a record intraday low of $82.50, well below its $100 stated value. Strategy sold no new preferred shares during the week. The cash increase aims to support dividend payments on the preferred securities.
Chief investment officer Quinn Thompson of Lekker Capital said the move matched calls to strengthen the balance sheet. He noted it should help backstop the preferred shares and reduce pressure on common stockholders. Strategy's diluted share count rose to 388.6 million.
STRC later closed at $88.64 on Monday while MSTR finished 2.7 percent lower at $109.52. Bitcoin traded near $65,000.
