Strategy will no longer put every new dollar into Bitcoin. The company says future fundraising will split between BTC purchases and its US dollar reserve, a shift confirmed after three straight weeks without a single Bitcoin buy.
Strategy has gone three consecutive weeks without buying Bitcoin, and during its Q2 earnings call the company confirmed it will no longer dedicate every dollar of new capital to Bitcoin purchases. Future fundraising will instead split between BTC purchases and strengthening the firm's US dollar reserve, with the mix depending on market conditions.
Holdings Unchanged at 843,775 BTC
Between July 20 and July 26, Strategy's holdings stayed unchanged at 843,775 BTC, keeping it the world's largest institutional Bitcoin holder. Those coins were bought at a total cost of $63.69 billion, an average price of $75,476 per Bitcoin. At current market prices, the treasury is worth around $54.77 billion.
Rather than buying more BTC, Strategy sold 5.42 million Class A shares, raising $544.5 million. That pushed its USD reserve to $3.75 billion, enough to cover preferred dividends and interest payments for more than 2.1 years.
Cash Reserve Takes On a New Role
Management said future Bitcoin sales may also be used to replenish USD reserves, fund preferred dividends, cover interest expenses, or support MSTR and STRC share repurchases. The company also confirmed it is not considering Bitcoin-backed borrowing, citing counterparty and margin risks.
Under its newly established BTC Monetization Program, Strategy has already sold about $218.4 million worth of Bitcoin in 2026 to help fund part of its preferred dividend obligations.
STRC Buybacks Take Priority
Strategy recently spent $25 million repurchasing 288,930 STRC preferred shares at an average price of $86.53, roughly a 13% discount to their $100 par value. CEO Phong Le said buying discounted STRC reduces future preferred dividend obligations. About $975 million remains under the company's $1 billion STRC repurchase program. The board plans to maintain STRC's 12% dividend until the shares consistently trade close to $100.
Analysts Question the Pause
Crypto analyst Ted Pillows questioned why Strategy would reduce Bitcoin purchases when BTC trades well below its all-time high, asking why the company isn't buying at these lower prices. Another analyst warned the pause could be read as stress within Strategy's treasury model — if investors view it as a sign of weakening confidence, MSTR shares could face another sharp decline.
Despite the shift, Strategy has raised $17.06 billion through ATM programs in 2026. The company has also achieved a 4.5% BTC Yield while growing its Bitcoin holdings by 25% year-to-date.
Source: Strategy
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