Last week, Strategy demonstrated a rare restraint for itself: the company did not make a single bitcoin transaction, focusing instead on strengthening its fiat liquidity. As part of the planned issuance program, 3.46 million ordinary MSTR shares were sold, generating $333.7 million in net proceeds.
Of these funds, $149.1 million were allocated to replenish the dollar reserve, which has now reached an impressive $4.8 billion. The remaining portion is distributed as follows: $52.4 million went toward dividend payments on preferred STRC shares, and $132.2 million were used for the buyback of the same securities. This move clearly signals management's intention to optimize the capital structure and reduce debt burden amid uncertainty in the digital asset market.
Despite the pause in accumulation, the company's strategic reserve remains unchanged at 840,447 BTC. The average cost basis of the position is fixed at $75,385 per coin. At current market prices, this forms a "paper" loss on the reserve exceeding $10 billion. However, for a long-term investor of this scale, such fluctuations are nothing more than temporary volatility, not a reason for panic.
My analytical conclusion: Strategy's decision to hold back and build up a fiat cushion is a classic sign of waiting for a more favorable entry point. The accumulation of $4.8 billion gives the company a powerful lever for aggressive acceleration in the event of a market correction. I am monitoring developments: if the BTC price breaks through the psychological support level, we could witness one of the largest one-time reserve top-ups in the company's history.