Strategy Inc. (NASDAQ:MSTR) sold $263.5 million worth of shares last week and added zero Bitcoin (CRYPTO: BTC) for the second consecutive week, pushing its total cash raise over two weeks to $730 million.

Why Is Strategy Piling Up Cash Instead Of Buying Bitcoin?

Strategy filed an 8-K with the SEC Monday confirming it sold 2,732,318 MSTR shares between July 13 and July 19, boosting its USD reserve by $225 million to $3.225 billion. 

The week prior brought in another $466.7 million through 4,818,781 share sales, also with no Bitcoin purchased.

The reserve funds dividend payments on preferred stock and services outstanding debt, making it a structural requirement rather than a discretionary choice. 

Strategy’s 843,775 BTC position sits at roughly $54.7 billion, purchased at an average of $75,476 per coin, and has not moved since the company sold 3,588 BTC for $216 million in early July to cover preferred stock dividends.

At current prices, the Bitcoin stack carries roughly $9 billion in paper losses against a total cost basis of $63.7 billion.

Michael Saylor’s Bitcoin Signal Fails To Deliver Again

Michael Saylor posted a Bitcoin tracker chart to X on Sunday with the caption “What’s next?” His Sunday posts have historically preceded Bitcoin purchase announcements the following Monday. 

Recent weeks broke that pattern, with cash raises and a Bitcoin sale following instead.

Monday’s filing confirmed the pattern held again — no purchase, just another cash raise.

Will MSTR Hold $95?

MSTR trades around $95.90, sitting right on top of its 20-day SMA and making the level a key short-term pivot for the stock’s next move.

However, the broader structure stays heavy, with the stock 26% below its 50-day SMA at $129.56 and 43% below its 200-day SMA at $169.64. 

The death cross from October 2025 keeps the longer-term bias pointed down.

Meanwhile, MACD tells a more constructive short-term story, sitting above its signal line with a positive histogram, meaning buyers are gaining traction even if the bigger trend has not flipped.

Key levels for MSTR:

  • $105 — resistance where rebounds have stalled
  • $82 — support near the 52-week low at $81.81, where buyers previously stepped in

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