Strategy, the world’s largest corporate holder of Bitcoin, is raising up-to-date capital by selling its Class A common stock while maintaining its existing Bitcoin holdings.

Strategy raised $263.5 million from the sale of its MSTR common stock through an at-the-market (ATM) program between July 13 and July 19, According to on a Form 8-K filed Monday with the U.S. Securities and Exchange Commission.

During the reporting period, the company made no purchases or sales of Bitcoin, leaving unchanged its holdings of 843,775 BTC, acquired for a total purchase price of $63.69 billion. According to Strategy’s, the average cost of acquiring its shares is $75,476 website. Bitcoin was last trading around $64,657.

The filing comes as investors debate the value of Strategy’s preferred stock offerings, which the company is increasingly using along with common stock sales to fund its Bitcoin treasury strategy.

The stock sale increases Strategy’s cash reserve to $3.225 billion

Following the recent sale of 2.73 million shares, MSTR Strategy increased its U.S. dollar reserves to $3.225 billion, up 7.5% from $3 billion a week earlier.

The reserve includes expected proceeds from the sale of MSTR shares that have not yet settled and is used to finance dividends on the company’s preferred stock and interest payments on outstanding debt.

Source: SEC

The latest update follows last week’s reporting, when Strategy also reported no Bitcoin purchases while raising $466.7 million through its MSTR ATM program. At no time during the reporting period did the company sell shares under any of its ATM preferred stock programs.

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Strategy still has approximately $23.5 billion in its common stock ATM program, which gives it significant flexibility to raise additional capital.

The STRC valuation debate is heating up

Strategy’s STRC Preferred Stock Closed on Friday at $85.29, while MSTR shares ended the session was $94.85, according to Yahoo Finance data.

Credit investor Khing Oei he said in a Sunday post on X that STRC may be undervalued, highlighting that the market treats it as a elementary product with a “14% yield” rather than valuing its future cash flows.

STRC price for six months chart. Source: Yahoo Finance

“Never value a stream by dividing this year’s coupon by today’s price,” Oei wrote, arguing that STRC should be valued more like a bond. His model estimates that the preferred stock could be worth about $96 even if Bitcoin never appreciates in value again, based on Strategy’s ability to support dividend payments for decades.

Oei said leverage is a key driver, arguing that if Bitcoin rises and strengthens Strategy’s balance sheet, STRC could get closer to its $100 par value.

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