The past week was a landmark one for Strategy: for the first time in a long while, the company completely abandoned bitcoin purchases, focusing instead on strengthening its fiat liquidity. According to my analysis of the financial report, the issuer sold 3.46 million shares of common stock MSTR for $333.7 million, yet not a single dollar of these funds was directed toward replenishing its cryptocurrency portfolio.
Instead, Strategy restructured its capital. $149.1 million went toward increasing its dollar reserve, which has now reached an impressive $4.8 billion. Another $52.4 million was paid out as dividends on preferred shares STRC, while $132.2 million was allocated to a buyback of the same securities. Such a tactic points to a deliberate pause in the aggressive phase of accumulating the leading cryptocurrency.
Balance sheet unchanged, but risks are growing
The company's balance sheet still holds 840,447 BTC. The average purchase price of "digital gold" stands at $75,385, which, at current market quotes, forms a "paper" loss on the reserve of about $10 billion. This is a serious psychological and financial marker that could not help but influence management's decision to temporarily refrain from new bitcoin investments.
From my expert perspective, Strategy's actions look like a pragmatic maneuver amid high volatility. By building up its fiat cushion and reducing the share of preferred shares, the company is preparing for a possible scenario of further correction. Instead of averaging down a losing position, management prefers to maintain flexibility for a more advantageous entry in the future. The only question is how long this pause will last—and whether it will become a signal for other institutional holders to reconsider their strategies.