TLDR:
- Strategy sold $263.5 million worth of MSTR shares instead of purchasing new bitcoin this week.
- Strategy’s USD reserve climbed to $3.225 billion following its latest MSTR share sale this month.
- Strategy still holds 843,775 BTC, worth roughly $55 billion at current market prices today.
- Strategy raised the STRC preferred dividend to 12 percent to pull its price back toward par value.
Why isn’t Saylor buying BTC this month? Strategy has gone four straight weeks without adding bitcoin to its treasury. Instead, the firm sold $263.5 million worth of MSTR shares through its at-the-market program.
Proceeds built Strategy’s USD reserve to $3.225 billion, according to a new SEC filing. The pause marks an unusual shift from the company’s typical weekly buying pattern.
The Reasons Behind Saylor’s Buying Pause
Strategy currently carries about $1.76 billion in annual interest and dividend obligations. These payments stem from multiple preferred stock classes issued over recent years.
Meeting these commitments now appears to take priority over new bitcoin purchases. Building cash reserves gives the company more flexibility to cover upcoming payments.
Strategy’s Perpetual preferred stock, STRC, has traded below its $100 par value since mid-May. This persistent gap likely factors into Saylor’s decision to hold off on buying.
Redirecting funds toward reserves offers one path to supporting the security’s price. Investors have tracked this disconnect closely over the past several weeks.
On June 29, Strategy rolled out a Digital Credit Capital Framework addressing these pressures. The framework set a formal USD reserve policy alongside new buyback authority.
It allows up to $1 billion each in repurchases for preferred and common stock. A BTC Monetisation Programme also permits selling up to $1.25 billion in bitcoin.
Strategy raised the STRC dividend to 12 percent from 11.5 percent, effective July 1. This increase aims to pull STRC’s price back toward par value.
Combined with ongoing MSTR sales, Saylor has extended the company’s financial runway. These moves explain why fresh bitcoin purchases have taken a back seat.
What the Pause Means for Strategy’s Bitcoin Stack
Arkham’s research team examined why Saylor has stepped back from regular buying. Their analysis linked the pause directly to cash management rather than a strategy reversal. Strategy’s $55 billion bitcoin stack remains central to the company’s long-term positioning.
Strategy holds 843,775 BTC, worth approximately $55 billion at current market prices. The average purchase price across holdings sits just over $75,000 per coin. Total acquisition cost reaches $63.7 billion, leaving roughly $9 billion in paper losses.
Despite four weeks without purchases, Strategy remains the largest corporate bitcoin holder globally. No other public company holds a comparable position on its balance sheet. Saylor’s pause looks temporary, tied to cash needs rather than a change in conviction.
Arkham has de-anonymized most of Strategy’s corporate wallets for public tracking. Users can set real-time alerts to catch the moment buying resumes.
