Strategy Pauses Bitcoin Purchases for Fifth Week as Dollar Reserve Reaches $3.75 Billion
Key Takeaways
- •Strategy raised its U.S. dollar reserve from $3.225 billion to $3.75 billion during the reporting week.
- •The company held 843,775 BTC unchanged for a fifth consecutive week, with its last purchase occurring on June 22.
- •Strategy sold 5,429,160 MSTR common shares through its at-the-market program, generating $544.5 million in net proceeds.
- •The company repurchased 288,930 STRC preferred shares for $25 million under its Digital Credit Securities Repurchase Program.
- •Strategy’s Bitcoin holdings were valued at about $54.36 billion on July 26, implying an unrealized loss of about $9.47 billion versus cost.
Strategy raised its U.S. dollar reserve by $525 million during the latest reporting week, bringing the total balance to $3.75 billion, according to a Form 8-K filed on July 27, 2026. The company also left its Bitcoin holdings unchanged at 843,775 BTC for a fifth consecutive week.
The larger cash reserve now covers about 2.1 years of dividend and interest payments. During the same period, Strategy raised capital through sales of MSTR common stock and continued its preferred stock repurchase program.
Dollar Reserve Rises as Bitcoin Buying Pause Continues
Strategy increased its U.S. dollar reserve from $3.225 billion to $3.75 billion during the reporting week. The company uses the reserve to support dividend payments on its preferred stock and interest payments on outstanding debt, making the cash balance a key measure of how it funds obligations while holding a large Bitcoin position.
Executive Chairman Michael Saylor confirmed the update in a post on X, saying the company had reached 2.1 years of dividend coverage. The update showed Strategy placing greater emphasis on liquidity while keeping its Bitcoin position unchanged for five straight weeks.
The company’s most recent Bitcoin purchase was on June 22, when it added 520 BTC. Since then, Strategy has not made additional purchases and has not reduced its total holdings. The pause contrasts with earlier periods when the company regularly added Bitcoin using proceeds from share sales and debt-linked financing.
Bitcoin Holdings Stay at 843,775 BTC
Strategy holds 843,775 BTC at a total cost of $63.69 billion. The company paid an average price of $75,476 per coin, including fees and related expenses. Its holdings account for more than 4% of Bitcoin’s fixed 21 million supply limit.
A tracker chart shared by Saylor valued the holdings at about $54.36 billion on July 26. At that level, the position was roughly 14.84% below its average purchase cost, implying an unrealized loss of about $9.47 billion at the reported market price.
Despite that paper loss, Strategy made no changes to its Bitcoin reserve during the week. The company continued to hold its full BTC position while increasing its cash balance.
MSTR Share Sales Bring In $544.5 Million
Strategy sold 5,429,160 shares of MSTR common stock through its at-the-market program during the week. The sales generated $544.5 million in net proceeds, which the company used while building its U.S. dollar reserve. At-the-market programs allow companies to sell registered shares into the market over time, so remaining capacity is closely watched alongside weekly issuance and cash updates.
No preferred shares were sold through the at-the-market programs during the same period. Strategy retained significant remaining capacity across several programs, including $22.98 billion available for MSTR and $17.51 billion for STRC. Other remaining capacities included $4.01 billion for STRD, $2.10 billion for STRK, and $1.62 billion for STRF.
Following the update, Strategy Inc. (MSTR) rose more than 6% to $97.59 during morning trading, according to CoinCodex.
Strategy has used equity programs to support both Bitcoin purchases and balance sheet needs. The latest filing indicated a stronger emphasis on cash accumulation, with the company raising more through MSTR sales than the amount added to its dollar reserve during the week.
Strategy Repurchases STRC Preferred Shares
Strategy also repurchased 288,930 shares of STRC preferred stock for $25 million. The transaction was completed under the Digital Credit Securities Repurchase Program announced on June 29. The company did not repurchase STRF, STRK, or STRD shares.
Strategy still has $975 million available under the preferred securities repurchase program. It also has $1 billion available under a separate MSTR common stock repurchase plan, though the company did not buy back any MSTR common shares during the latest week.
The filing showed Strategy managing cash, preferred stock, and Bitcoin holdings at the same time. The company kept its Bitcoin reserve stable, expanded its cash buffer, and reduced part of its STRC share count. Future filings will show whether the company continues directing proceeds toward liquidity and repurchases or resumes adding to its Bitcoin holdings. Thomas C. Chow, Strategy’s executive vice president and general counsel, signed the filing under Item 7.01 of the Exchange Act.
