Strategy sold $108.6 million Bitcoin, raised $653 million equity

Strategy’s stock closed at $97.33 on Aug. 10, down sharply from levels above $150 in late May and far below a 2025 peak above $300. The shares are also trading below the 200-day moving average, while Bitcoin itself has fallen to about $64,053, well under its own 200-day trend. That combination leaves Strategy in a more constrained position than during Bitcoin’s stronger runs: it can still raise capital, but each dollar of equity now comes with more dilution and less market enthusiasm than before.

The company’s latest filing showed the balance between those two pressures. Strategy sold a relatively modest $108.6 million of Bitcoin, while the much larger stock sale generated $653 million. For investors, that mix is important because it shows the company is not abandoning its Bitcoin thesis, but it is using the equity market as the primary funding source as crypto prices and its own share price lose momentum.

The backdrop is still constructive for Bitcoin in structural terms. Corporate and institutional demand remains intact, with large buyers and ETF flows continuing to absorb supply. Adalytica’s Bitcoin Fear & Greed Index still shows “Fear,” even as awareness remains elevated, a sign that interest is high but conviction is uneven. In other words, capital is still moving into the asset, but not with the euphoric certainty that often accompanied earlier rallies.

For Strategy shareholders, the debate is straightforward. The bull case is that the company retains optionality: equity funding lets it keep building exposure to Bitcoin without being forced into a large-scale liquidation of holdings. The bear case is that repeated stock issuance at a depressed valuation increases dilution and weakens the leverage that once made Strategy a high-beta expression of Bitcoin upside. If Bitcoin resumes its climb, the model can still work. If it stalls, the equity burden becomes harder to justify.

For the broader market, Strategy remains a bellwether for corporate crypto finance. Its latest move highlights a more cautious phase for leveraged Bitcoin holders, where access to capital is still open but far less generous than when risk appetite was stronger. The next catalyst is whether Bitcoin can reassert momentum above key technical levels and whether Strategy’s shares can recover enough to make future funding less dilutive.