Strategy has quietly bolstered its cash reserves by $300 million, even as it continues to add Bitcoin to its balance sheet, signaling a dual focus on liquidity and digital asset accumulation. The company recently acquired 520 BTC for roughly $35 million, pushing its total Bitcoin stash to 847,363 tokens. However, a June 22 filing revealed a more significant shift: cash holdings climbed to $1.4 billion after the sale of 2.71 million MSTR shares, raising about $335.5 million.
Executive Chairman Michael Saylor hinted at the purchase on X with his signature cryptic post, “Looks better with more dots,” alongside Strategy’s Bitcoin acquisition chart. While the buy extends the firm’s buying streak, the cash increase has drawn greater attention from analysts. The filing indicates that Strategy intends to replenish its USD Reserve to support the credit quality of its Digital Credit securities, a move that some see as prioritizing STRC preferred shares over aggressive Bitcoin buys.
Only a fraction of the MSTR share proceeds went toward the latest Bitcoin purchase; the rest was kept as cash. This strategy has sparked debate among investors, with some expecting a dividend hike for STRC or potential stock buybacks to restore confidence. Saylor defended the company’s financing model, noting that combined Bitcoin and cash holdings exceed outstanding debt by roughly $48 billion, and that Strategy has raised over $60 billion in capital since 2022 for Bitcoin acquisitions.
Critics remain vocal. Peter Schiff accused Saylor of misleading STRC buyers and suggested possible SEC rule violations, though no formal charges have been filed. Arca’s CIO Jeff Dorman argued that Strategy might need to sell $3 billion to $4 billion in Bitcoin to ease capital structure pressure. Despite the criticism, MSTR shares rose 3.44% in pre-market trading following the announcement, reflecting market optimism about the company’s continued Bitcoin commitment.