Strategy Adds $525M to Cash Reserve, Skips Bitcoin Buy for Fifth Week
Strategy paused Bitcoin purchases for a fifth straight week, keeping its holdings at 843,775 BTC since a 520 BTC buy in late June. Instead, it raised $544.5 million by selling 5,429,160 MSTR shares and added $525 million to its cash reserve, which reached $3.75 billion. Management said the reserve now covers about 2.1 years of dividend obligations, compared with roughly $1.76 billion in annual preferred dividends and interest costs. The company also made its first buyback of preferred stock, repurchasing 288,930 STRC shares for $25 million under a $1 billion repurchase program. The Bitcoin-buying pause is now its longest in two years. Strategy has shifted toward using equity sales to strengthen reserves and fund capital returns rather than selling Bitcoin, while common shareholders continue to face dilution. The company also recently changed its investor metrics, introducing “net Bitcoin per share” and a revised mNAV framework.
