Strategy Just Sold $334 Million in Shares to Build Cash and Buy Back Preferred Stock. This Hits MSTR Stock Holders With Dilution. Ebube Jones Wed, August 19, 2026 at 10:36 AM PDT 6 min read MSTR BTC-USD DX-Y.NYB A Bitcoin (BTCUSD) treasury is only as strong as the financing behind it. That reality is front and center for Strategy (MSTR), formerly MicroStrategy, which has shifted its immediate priority from adding to its Bitcoin reserve toward safeguarding liquidity and managing the obligations attached to its preferred-stock capital structure. Strategy raised $333.7 million by selling its shares to repurchase Stretch (STRC) preferred and added $149.1 million to its U.S. dollar reserve. Importantly, the company made no Bitcoin purchases or sales during the week, leaving its holdings unchanged at 840,447 BTC. More News from Barchart Barron Trump, 20, Now Worth $150 Million More Than Mom, Melania From Crypto And $39 Energy Drink Billionaire Michael Saylor Warns Against Buying a House Because 'Every 36 Years You Actually Pay the Cost of the House in Tax to the Government' QQQ Just 'Gamma Flipped' as Market Makers Were Forced to Sell. Here's What Our Top Chart Expert is Tracking Next. Get exclusive insights with the FREE Barchart Brief newsletter. Subscribe now for quick, incisive midday market analysis you won't find anywhere else. That pause matters because Strategy remains the largest corporate Bitcoin holder, with its stash representing roughly 4% of Bitcoin's fixed 21 million-coin supply. By issuing common stock to build cash, Strategy is seeking to reduce balance-sheet strain without selling Bitcoin. But will the additional liquidity and lower preferred-share burden justify the dilution imposed on Strategy's shareholders? Let's find out. Strategy's Financial Wealth Virginia-based Strategy develops enterprise analytics software and holds Bitcoin as a treasury reserve. With a $35.75 billion market capitalization, its valuation rests primarily on its over 840,000 Bitcoin. MSTR stock closed at $97.68 on Aug. 17, down 35.72% year-to-date (YTD) and 73.33% from its 52-week high. The stock is seeing a healthy 12% increase during today's afternoon trading, though. www.barchart.com At 78.18x sales, MSTR trades far above its sector median of 3.50x, while its 1.21x price-to-book ratio sits below the sector median of 4.16x. Strategy released its second-quarter 2026 results on July 30, with total revenue rising 6.9% year-over-year (YoY) to $122.4 million from $114.5 million in the prior-year quarter. Gross profit increased to $81.6 million from $78.7 million, although gross margin narrowed to 66.6% from 68.8%. This modest operational growth contrasted sharply with a reported $8.33 billion operating loss, compared with $14.03 billion of operating income a year earlier. This reversal chiefly reflected an $8.32 billion unrealized loss on digital assets, following a $14.05 billion unrealized digital-asset gain in the 2025 quarter. Story Continues MSTR posted an $8.22 billion net loss, or $24.45 per diluted common share, versus net income of $10.02 billion, or $32.60 per diluted share, one year earlier. Strategy's net loss attributable to common shareholders reached $8.62 billion after $400.7 million of preferred-stock dividends. That compares with $9.97...
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