NEW YORK, July 4, 2026, 16:02 EDT
- U.S. stock markets were closed Friday for Independence Day observed. Nasdaq’s holiday calendar shows July 3, 2026, as a shutdown.
- Strategy Inc NASDAQ:MSTR jumped 22.4% from June 26 to July 2, beating Bitcoin’s 2.4% move and the Nasdaq Composite’s 2.1% gain during that period.
- The smaller number was cash. Strategy sold $1.15 billion in common stock over the week to June 28 but didn’t buy any Bitcoin.
- This week comes down to three prices: MSTR, Bitcoin, and STRC, with the preferred shares still under their $100 face value.
Strategy Inc NASDAQ:MSTR closed at $100.77 on July 2, gaining 7.9% for the day, with U.S. stock trading shut on Friday and no market activity over the weekend. Investors faced a four-day break to work through a week where the stock shifted from a straight Bitcoin play to a test of cash reserves.
| Market check | June 26 close | July 2 close | Move |
|---|---|---|---|
| Strategy common stock | $82.31 | $100.77 | up 22.4% |
| Bitcoin | $60,086.40 | $61,546.20 | gained 2.4% |
| Nasdaq Composite | 25,297.62 | 25,832.67 | rose 2.1% |
The comparison is key here since Strategy logged its strongest week in months, but didn’t add any new Bitcoin. The June 29 filing showed 12,669,017 MSTR shares sold in the week through June 28, raising $1.152 billion, with no Bitcoin bought. Holdings stayed at 847,363 Bitcoin bought for $64.10 billion total, or $75,651 each.
| Strategy balance-sheet line | Amount | Investor read |
|---|---|---|
| MSTR stock sold, June 22-28 | 12.67 million shares | Large common offering during pullback |
| Net proceeds from that sale | $1.152 billion | Roughly 65% of yearly preferreds and interest |
| USD reserve, June 28 | $2.55 billion | 17.4 months stated liquidity |
| BTC sale authorization for reserve | Up to $1.25 billion | Stated liquidity up to 25.9 months |
| Bitcoin bought that week | 0 | Still holding cash, no buys yet |
This is what’s driving the rally. Strategy brought in enough fresh common-equity cash in just a week to pay for almost two-thirds of its $1.76 billion in expected yearly preferred dividends and interest costs. The company said this reserve is set aside for preferred dividends and debt interest, unless the board decides otherwise.
Founder and Executive Chairman Michael Saylor said Strategy is still “committed to Bitcoin” but said digital credit will require “active capital management.” CEO Phong Le said the company is shifting “from one-way capital issuance to active capital management.” CFO Andrew Kang kept it brief: “Bitcoin is capital.” Strategy
Shares had been feeling the heat after Reuters said Strategy’s enterprise value now sits below its Bitcoin stash, with the mNAV ratio falling to 0.99. Nic Puckrin of Coin Bureau called the new plan “responsible.” DWF Labs’ Andrei Grachev said, “uncertainty itself becomes a reason to wait.” Reuters
The preferred is under pressure now. Strategy’s Variable Rate Series A Perpetual Stretch Preferred Stock NASDAQ:STRC last traded at $87.87. That’s under the $100 mark Strategy is aiming for long-term. The preferred pays a 12% dividend and shows a 13.66% effective yield.
Le’s revocable trust picked up 11,000 shares of STRC for about $1 million at an average of $90.80 a share, Barron’s reported this week. The buy came after the preferred stock touched a record low.
Broader markets supported the bounce. Reuters reported the Nasdaq Composite slipped 0.8% Thursday but climbed 2.1% on the week, with U.S. markets heading into Friday’s holiday. “The jobs data takes the pressure off the Fed,” said Adam Sarhan, CEO at 50 Park Investments. Reuters
The risk is the strategy needs both Bitcoin and STRC to stay steady. Citigroup Inc NYSE:C dropped its 12-month Bitcoin target to $82,000 from $112,000 this week. The bank pointed to less investor demand, outflows from ETFs, and worries digital-asset treasury firms could sell Bitcoin.
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