Last week, Strategy (formerly MicroStrategy) did not make a single bitcoin transaction, which is itself noteworthy for a company known for its aggressive accumulation of the digital asset. Instead, the issuer focused on strengthening liquidity: the sale of 3.46 million shares of Class MSTR common stock brought in $333.7 million, of which $149.1 million was directed toward increasing its dollar reserve.
As a result, the company's fiat cushion reached $4.8 billion — the highest figure in recent quarters. The remaining funds were distributed as follows: $52.4 million went toward dividend payments on STRC preferred shares, and $132.2 million was used for the buyback of those same securities. This capital allocation structure suggests that Strategy's management is currently prioritizing financial flexibility over expanding its cryptocurrency positions.
Despite the pause in purchases, the bitcoin reserve remains untouched: the company's balance sheet still holds 840,447 BTC. The average acquisition price is $75,385, which, at current market quotes, forms a "paper" loss of approximately $10 billion. This, however, does not prevent Strategy from maintaining its status as the world's largest corporate bitcoin holder.
In my view, this tactic looks rational. Raising capital through equity while simultaneously building up dollar liquidity creates a safety cushion for a potential market decline or for aggressive asset buybacks during future downturns. The pause in purchases is not a reversal of strategy, but rather a tactical breather before a possible new push. The only question is how long the market will tolerate an unrealized loss of $10 billion without new catalysts.