The past week was marked for Strategy not by new bitcoin purchases, but by fine-tuning its capital structure. Instead of expanding its position in digital gold, Michael Saylor's team conducted a series of operations with its own securities, increasing its dollar reserve to an impressive $4.8 billion. This is a clear signal: the company is preparing the ground for a major move but is waiting for more favorable market conditions.
Deal Details: From Shares to Cash
During the reporting period, Strategy sold 3.46 million shares of MSTR common stock, raising $333.7 million. However, these funds were not directed toward purchasing the first cryptocurrency. The lion's share—$149.1 million—was added to the fiat reserve, which now stands at $4.8 billion. The remaining funds were allocated as follows: $52.4 million went toward dividend payments on STRC preferred shares, while $132.2 million was used to repurchase those same securities.
Such tactics look unexpected against the backdrop of past aggressive BTC purchases. However, they indicate a mature approach: the company is not chasing volume but managing liquidity, reducing debt burden and the cost of capital. Buying back preferred shares at a premium is a classic tool for improving earnings per share, which will positively impact valuation in the long term.
Balance Sheet Unchanged: 840,447 BTC
The key metric remained unchanged: Strategy still holds 840,447 BTC on its balance sheet. The average acquisition price is $75,385 per coin. At current market quotes, the company's "paper" loss on its crypto reserve reaches $10 billion. This is a serious psychological barrier, but for a long-term investor it is not critical—especially given that the company does not realize losses and continues to generate cash flow through issuance.
My view: The pause in purchases is not a rejection of the strategy but a tactical breather. Having $4.8 billion in cash gives Saylor a unique advantage: the ability to make a massive purchase at a local bottom without the need to urgently sell shares at an unfavorable price. If bitcoin continues to consolidate near current levels, we may well see a new record volume of acquisitions in the coming weeks. For now, the market is pricing only expectations into MSTR, not actions.