Strategy Inc Reports $544.5M Common Stock Sales and $25M Preferred Stock Buybacks Amid Robust ATM Program Capacity

ATM Program Execution and Equity Capital Raises

During the week ending July 26, 2026, Strategy Inc sold 5,429,160 shares of Class A common stock through its ATM offering program, netting $544.5 million after commissions. This reflects the company’s ongoing use of its ATM program, which enables flexible capital raising without prior shareholder approval for each sale. Proceeds from these equity sales bolster operational liquidity and fund strategic initiatives across the business.

As of the report date, Strategy disclosed $22.981 billion in remaining capacity under its common stock ATM programs. This follows a $21.0 billion increase announced on March 23, 2026, with sales under the expanded capacity to begin once existing limits are substantially utilized. This phased capital raise strategy allows management to align issuance with market conditions and investor demand.

Preferred Stock Repurchases and Capital Management

In the same reporting week, Strategy repurchased 288,930 shares of its Variable Rate Series A Perpetual Stretch Preferred Stock (STRC) for $25.0 million, exercising its share repurchase authorization. No repurchases occurred for other preferred series including the 10.00% Series A Perpetual Strife (STRF), 8.00% Series A Perpetual Strike (STRK), or 10.00% Series A Perpetual Stride (STRD) preferred stocks.

The company has $975.0 million remaining under its Digital Credit Securities Repurchase Program, announced June 29, 2026, allowing opportunistic repurchases of preferred securities. Additionally, a separate $1.0 billion repurchase authorization exists for Class A common stock under the MSTR Repurchase Program announced the same day. These programs underscore management’s confidence in security valuations and provide flexibility to optimize the capital structure.

Bitcoin Holdings and Digital Asset Position

Strategy reported holding 843,775 bitcoins as of July 26, 2026, with an aggregate purchase price of $63.69 billion, equating to an average cost basis of $75,476 per bitcoin. No new bitcoin acquisitions occurred during the July 20-26 period. These holdings represent a significant portion of the company’s balance sheet and emphasize its role as a major corporate cryptocurrency holder.

The disclosed purchase price includes all acquisition-related fees and expenses, offering investors full transparency on the economic cost basis. Strategy’s valuation and operational results are closely tied to cryptocurrency market trends and bitcoin price fluctuations.

Preferred Stock Series Details and Dividend Policies

Strategy’s preferred stock portfolio includes multiple perpetual series with distinct dividend rates: the 10.00% Series A Perpetual Strife (STRF) and Stride (STRD) preferred stocks both pay fixed 10% annual dividends, while the 8.00% Series A Perpetual Strike (STRK) preferred stock pays a fixed 8% dividend. These fixed-rate securities offer predictable income and seniority in the capital structure.

The Variable Rate Series A Perpetual Stretch Preferred Stock (STRC), recently repurchased, features a variable dividend rate tied to market conditions. As of July 26, 2026, $17.511 billion in issuance capacity remains under the STRC program, the largest among Strategy’s preferred stock offerings, providing substantial flexibility for future capital raises.

USD Reserve and Liquidity Management

As of July 26, 2026, Strategy maintains a $3.75 billion US dollar reserve dedicated to supporting dividend payments on preferred stock and interest on outstanding debt. This reserve includes expected cash proceeds from ATM common stock sales pending settlement, reflecting proactive liquidity management.

This sizable reserve relative to annual preferred dividends and debt service obligations highlights the company’s financial strength and ability to meet fixed-income commitments despite short-term operational or bitcoin market volatility. Such liquidity discipline supports creditworthiness and reduces refinancing risks.

ATM Issuance Capacity Across Securities

Strategy reported substantial remaining issuance capacity as of July 26, 2026: $22.981 billion for Class A common stock (including the March 2026 program increase), $17.511 billion for STRC preferred stock, $4.015 billion for STRD, $2.1 billion for STRK, and $1.619 billion for STRF. This diverse capacity enables management to deploy capital efficiently across security types based on market conditions and investor appetite.

The tiered preferred stock capacity reflects a strategic approach to matching security issuance with market demand and investor preferences. The significant common stock capacity supports ongoing equity funding needs for growth and asset acquisitions.

Business Model and Capital Strategy

Strategy Inc operates as a specialized financial services firm focused on digital asset accumulation, with bitcoin holdings as a core balance sheet asset. Unlike traditional technology firms, its valuation and revenue rely on cryptocurrency price appreciation and strategic asset acquisition, requiring substantial capital inputs and diversified funding sources.

The company’s capital structure combines common and preferred equity with debt financing to optimize cost and flexibility. Offering preferred stock with fixed and variable dividends attracts varied investor segments. ATM programs allow opportunistic capital raises without repeated shareholder approvals, enabling timely market-aligned funding.

Investor Disclosure and Information Access

Strategy maintains an online dashboard at www.strategy.com providing comprehensive updates on securities, bitcoin activities, market prices, and performance metrics. Designated as an official Regulation FD disclosure channel, this platform ensures broad, non-exclusive investor access to material information.

The dashboard facilitates frequent updates on bitcoin purchases, security pricing, and key performance indicators beyond standard regulatory filings. Investors are encouraged to monitor this resource regularly for timely company developments as part of ongoing disclosure compliance.