During the week of July 13 to 19, Strategy conducted a large-scale sale of its own Class MSTR shares. The offering volume amounted to 2.73 million shares, generating net proceeds of $263.5 million.
However, unlike previous rounds where the raised funds were immediately directed toward replenishing the Bitcoin reserve, this time the transaction to purchase the first cryptocurrency did not take place. As a result, the company's total BTC holdings remained unchanged at 843,775 coins, acquired for $63.69 billion. The average entry price for this portfolio stands at $75,476 per Bitcoin.
Such an aggressive buildup of dollar liquidity — to $3.2 billion — appears to be an unexpected move amid market consolidation. Typically, Strategy adheres to a "buy and hold" strategy, seizing any opportunity to increase its Bitcoin exposure. Skipping another purchase could indicate either a temporary pause to assess the market situation or preparation for a larger transaction in the future.
My professional commentary: Accumulating such a significant dollar reserve without immediately converting it into BTC is a rare occurrence for this company. This could be a signal that management expects a correction or is preparing to buy at more favorable levels. In any case, the market will be closely watching Strategy's next move.