Crypto news

Last week, Strategy (formerly MicroStrategy) did not make a single bitcoin transaction, which became a notable signal for the market. At the same time, the company was actively working with its own securities: 3.46 million shares of common stock MSTR were sold for $333.7 million. These funds were allocated not to the purchase of the first cryptocurrency, but to strengthening dollar reserves.

The key financial flows are as follows: $149.1 million were directed to increase the fiat cushion, which has now reached $4.8 billion. Another $52.4 million went to dividend payments on preferred shares STRC, and $132.2 million — to the buyback of these securities. This capital allocation structure demonstrates a shift in strategy from aggressive BTC accumulation to maintaining liquidity and managing shareholder value.

Despite the pause in purchases, the company's bitcoin reserve remains impressive: 840,447 BTC. The average purchase price of digital gold is recorded at $75,385. However, the current market conditions do not favor Strategy — the "paper" loss on the cryptocurrency portfolio is estimated at about $10 billion.

This decision looks like a pragmatic step in conditions of high volatility. By increasing the fiat reserve, the company insures itself against further market declines and retains flexibility for targeted entries into positions. At the same time, the buyback of preferred shares and dividend payments signal an attempt to reassure investors concerned about the growing imbalance between debt burden and asset value.

My expert view: The pause in BTC purchases is not a sign of losing faith in bitcoin, but rather a tactical breather. Given the average entry price and current quotes, Strategy is clearly waiting for more attractive levels for averaging. However, the accumulated loss of $10 billion creates serious pressure on shareholder equity, and the company's further decisions will depend on the market's ability to recover above the psychological mark of $90,000.