Strategy Uses its ATM Program to Raise $263.5 Million Without Purchasing Any Bitcoin

Strategy, historical champion of Bitcoin, surprises by raising 263.5 million dollars from MSTR shares without buying back any BTC. A liquidity strategy or a sign that bitcoin is no longer a priority? Michael Saylor, once an apostle of BTC, seems to be waiting for his moment… or changing course.

Strategy Raises 263.5 Million Dollars in MSTR Shares But does Not Buy Bitcoin

Between July 13 and 19, 2026, Strategy sold 2.73 million of its own MSTR shares, generating 263.5 million dollars in liquidity. However, no bitcoin was added to its already historic portfolio with 843,775 BTC. A decision that raises questions. Why raise funds without strengthening its position on the queen of cryptos? Officially, these funds feed the dollar reserve raised to 3.225 billion, intended to cover dividends and interest on debt. 

But the absence of BTC purchases while the price stagnates raises questions. Especially since Michael Saylor has always defended bitcoin as the ultimate store of value. So how to understand that since June 22, 2026, it has been radio silence. Is this a wait-and-see strategy waiting for a market correction? Or a change of course towards a more classic management?

Is BTC no Longer in Fashion for Michael Saylor?

Bitcoin, once Strategy’s flagship asset, seems neglected these last weeks. However, Michael Saylor continues to praise its adoption by institutions, calling it necessary and inevitable. So, why this pause? Two hypotheses face off.

1. First: Michael Saylor is waiting for a BTC crash to buy massively, like in 2020-2021. With 23.53 billion dollars still available via his ATM program, he has the means to strike hard.
2. Second: bitcoin is no longer a priority. The 263.5 million dollars raised would serve to secure the balance sheet (dividends, debt) rather than speculate.

The macroeconomic context also plays a role. Indeed, BTC is in a “bottom” phase according to some analysts, with attractive returns of 6.5% APY in staking. Yet, Strategy does not move. Proof of caution or loss of faith? Michael Saylor, who even opposes protocol changes to preserve stability, therefore seems to be playing for time. One thing is certain, the market is watching.

Strategy accumulates dollars but ignores Bitcoin. Caution or disenchantment? In any case, Michael Saylor keeps his cards close to him. And you, do you believe in a strong comeback of BTC in his strategy… or a quiet farewell?