The past week was a landmark one for Michael Saylor and his team's corporate strategy: the company did not conduct a single bitcoin transaction, which in itself is notable against the backdrop of aggressive accumulation in previous periods. Instead, the focus shifted to capital management and strengthening liquidity.
According to my data, Strategy sold 3.46 million shares of common stock MSTR for $333.7 million. However, these funds were not directed toward purchasing the first cryptocurrency, as was the case previously. Of the amount received, $149.1 million went to increase the dollar reserve, which has now reached $4.8 billion. Another $52.4 million was paid as dividends on preferred shares STRC, and $132.2 million was allocated to buy back these securities.
This move looks like a deliberate pause before a potential surge. The fiat cushion of $4.8 billion is not just a "nest egg," but a powerful arsenal for future acquisitions, especially if the market offers more attractive price levels. At the same time, the company retains 840,447 BTC on its balance sheet, with an average entry price of $75,385 per coin.
The current situation with the "paper" loss on the bitcoin reserve, which reaches $10 billion, looks frightening only at first glance. For an institutional holder with such a planning horizon, short-term volatility is merely statistical noise. What matters more is that Strategy continues to generate capital through the equity mechanism without increasing its debt burden.
My assessment: this pause is not a sign of weakness, but a sign of discipline. The company is clearly waiting for a clearer signal from the market to use its reserve with maximum efficiency. In the long term, this approach may prove far more advantageous than impulsive purchases at the peak.