Bitcoin's victory declared: Saylor hits pause as Strategy accumulates cash
Michael Saylor, Chairman of the Board of Strategy, made a bold statement: in his opinion, Bitcoin has achieved its greatest victory. However, as is often the case with resounding victories, new challenges have emerged on the horizon, and they come not from regulators or institutional opponents, but from within the community itself.
Against the backdrop of these statements, I noticed a curious fact: Saylor's company has not purchased BTC for five weeks. Arkham analysts studied this phenomenon and found that instead of replenishing its cryptocurrency reserves, Strategy has built up a substantial cash reserve of $3.75 billion. In essence, we are witnessing the simultaneous implementation of two opposing strategies: public rhetoric about Bitcoin's victory alongside conservative capital management.
Why the pause? Three key factors
The timing of this pause is no coincidence. At the center of current discussions is BIP-110 — a soft fork that limits the volume of arbitrary data within transactions. Developer Dayton Om has already included this update in the Bitcoin Knots client, and miners have begun signaling support. However, the majority of miners are currently ignoring the initiative.
Saylor criticizes not the voting procedure itself, but the rigidly defined timeline. He sees three key problems in BIP-110:
- Introduction of censorship for legitimate transactions with fees;
- Opening new vectors for attacks on the network;
- Increased transaction verification costs due to larger block sizes.
His main technical concern relates to miner revenue. Block subsidies are halved every 210,000 blocks, and an increasing portion of Bitcoin's security budget relies on fee payments. Weakening the fee market, in his view, reduces the network's resilience.
Financial reality: Why Strategy stopped
Raising capital through equity proved more advantageous than deviating from the chosen financial plan. An 8-K report dated July 27 confirms a $525 million increase in the dollar reserve. The total amount reached $3.75 billion — which, according to the company's estimates, is sufficient to pay dividends for 2.1 years, given annual obligations to preferred stock holders of approximately $1.76 billion.
Shares had to be issued cheaply. MSTR is currently trading at $96.66 — roughly 76% below its 52-week high of $414.36. To attract each new dollar, the company must give up a much larger share than a year ago. This is a serious signal for the market.
Target of 1 million BTC: How realistic is it?
Strategy announced its intention to accumulate 1 million BTC by the end of 2026. The company currently holds 843,775 BTC. It is short by 156,225 BTC. About 22 weeks remain until the end of the year. To close the gap, it would need to buy approximately 7,000 BTC per week — about $447 million at the current price. Currently, the company is not buying Bitcoin at all.
The company's average cryptocurrency acquisition price is $75,494 per coin. Bitcoin's price is around $63,817. From its peak value of $126,080 in October 2025, the price has deviated by nearly 49%. The current portfolio revaluation shows an unrealized loss of $9.9 billion.
My expert conclusion: Saylor's pause is not a sign of weakness, but a strategic maneuver. The company is preparing for potential volatility related to BIP-110 while simultaneously accumulating resources for future purchases. However, if Bitcoin does not show at least an 18% increase in the near future, Strategy may face serious pressure from preferred stock holders. Keep an eye on the company's weekly reports — they will become the main indicator of market sentiment.