MSTR
Cash first, sats later
Strategy filed an 8-K saying it sold 4,818,781 shares between July 6th and July 12th through its at-the-market program, pulling in $466.7 million. That’s a very different vibe from the usual Michael Saylor playbook, which has been closer to “sell stock, buy Bitcoin, repeat.”
The treasure chest got bigger
Instead of scooping up more BTC, Strategy kept its Bitcoin stash unchanged at 843,775 coins. The company also padded its U.S. dollar reserve to $3 billion, which it says is there to help cover preferred stock dividends and debt interest. Translation: this wasn’t a victory lap for Bitcoin maximalists — it was more like a balance-sheet airbag deployment.
Why traders are squinting at $90
The stock was trading around $94.64 and sliding toward the $90 zone that bulls really don’t want to lose. Technicals still look gloomy, with the share price well below its 20-day and 200-day moving averages. In plain English: the market is asking whether Strategy is still a Bitcoin proxy, a financing vehicle, or some increasingly weird hybrid of both.
Big picture
Michael Saylor’s Sunday X posts usually act like tiny breadcrumb trails for fresh Bitcoin buys. This time, the breadcrumb trail led to… nothing. For investors, that silence matters almost as much as a purchase would have, because Strategy’s whole story lives and dies on whether the company keeps turning capital raises into more Bitcoin.