Strategy, formerly MicroStrategy, raised roughly $525 million through Class A common stock sales under its at-the-market offering program, pushing its total USD Reserve to $3.75 billion as of July 26. The company faces annual financial obligations estimated at $1.76 billion, covering preferred stock dividends and debt interest payments, giving it approximately 2.1 years of runway. Strategy holds 843,775 BTC acquired at a total cost of $63.69 billion, refusing to sell any bitcoin to meet its obligations. The stock surged over 7%, closing near $98.50, as investors appeared to accept the dilution. Reserves have more than doubled from $1.44 billion in December 2025 to $3.75 billion in about seven months.
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