Strategy rebuilds cash reserve as it targets September STRC recovery

Strategy said in a July 27 8-K that it raised about $544.5 million in net proceeds by selling 5,429,160 Class A shares through its at-the-market program between July 20 and July 26, 2026, while making no new Bitcoin purchases and keeping holdings unchanged for a fifth straight week at 843,775 BTC. Earlier reporting said that after costs and a $25 million preferred-share buyback, net cash from the raise was roughly $525 million, lifting U.S. dollar reserves to about $3.75 billion. The larger reserve is central to Strategy’s effort to restore its STRC preferred stock toward its $100 stated value after the shares traded at a discount, complicating a financing channel used for Bitcoin purchases. Management is holding STRC’s dividend at 12%, has authorized $1 billion of preferred-stock buybacks with $975 million remaining after spending $25 million, and is informally tracking September 8 as a benchmark for a return to par, while cautioning that market conditions may differ. Strategy later reported an $8.22 billion second-quarter loss, versus earnings of $10.02 billion a year earlier, largely due to an $8.32 billion digital-asset loss as Bitcoin ended June about 40% below its level at the end of last year’s second quarter. Despite the drawdown, the company said it bought 174,895 BTC and sold 3,620 BTC in the first seven months of 2026; holdings reached 846,000 BTC during the quarter before later falling to 843,775 BTC, and Bitcoin per diluted share declined to 203,683 satoshis by July 26. On July 31, TD Cowen reiterated its buy rating and $260 target price, saying management’s top priority is restoring STRC to par while preserving liquidity and balance-sheet flexibility.