Strategy, the largest corporate holder of Bitcoin, extended its pause in Bitcoin purchases for a fifth consecutive week, instead strengthening its cash position and repurchasing preferred shares as it reassessed its treasury allocation strategy.

The company added about $525 million to its cash reserves during the latest reporting period, bringing total cash holdings to roughly $3.75 billion. Its Bitcoin holdings were unchanged at 843,775 BTC, marking the longest period without a purchase in about two years. Strategy’s most recent Bitcoin acquisition came on June 22, when it bought 520 BTC.

Strategy allocated additional capital to cash reserves rather than buying more Bitcoin, extending its longest pause in Bitcoin purchases in nearly two years.

Share Sales Fund Cash Position

The rise in cash reserves followed the sale of about 5.4 million MSTR shares through the company’s at-the-market equity program between July 20 and July 26. Instead of using the proceeds to increase its Bitcoin holdings, Strategy retained the funds to bolster liquidity.

The company also repurchased $25 million of its STRC preferred stock, marking the first buyback under a $1 billion share repurchase authorization approved by its board in late June.

The repurchase came after STRC had traded below its $100 par value since mid-May and hit record lows earlier this month. Market observers suggested the company was using capital raised through common share sales to support the preferred stock rather than directing the proceeds toward additional Bitcoin purchases.

Some analysts also noted that Strategy continued issuing MSTR shares even as the stock traded well below previous peak levels, while using part of the proceeds to build cash reserves and begin preferred share repurchases. They said the approach reflected a shift in capital allocation priorities, from expanding Bitcoin holdings to reinforcing the company’s broader capital structure.

Treasury Metrics Updated Ahead of Earnings

Last week, Strategy also revised several of its internal performance metrics. The company introduced a new measure, net Bitcoin per share, which factors in about $22.2 billion of debt and preferred equity obligations when assessing shareholder exposure to Bitcoin. It also updated its modified net asset value, or mNAV, calculation, resulting in a reported ratio of about 1.02 times.

Analysts said the revised methodology could offer investors a different view of the relationship among the company’s market valuation, capital structure and Bitcoin holdings. They also noted that issuing additional shares to finance future Bitcoin purchases could become less accretive to existing shareholders if valuation metrics remain near current levels.

The company also revised its treasury performance metrics, introducing net Bitcoin per share and updating its valuation methodology as it evaluates future capital allocation decisions.

Investors Await Quarterly Results

Based on current market prices, Strategy’s Bitcoin portfolio was estimated to be worth about $8.5 billion less than its cumulative acquisition cost of roughly $63.69 billion. Despite that unrealized decline, the company has continued to hold its Bitcoin position without announcing additional purchases.

Strategy is scheduled to report quarterly earnings later this week, giving investors a near-term readout on whether the company’s larger cash balance and preferred share buybacks are meant to support flexibility around future financing, rather than an immediate return to Bitcoin accumulation. Investors are expected to closely watch management’s comments on treasury strategy, capital deployment plans and possible future Bitcoin acquisitions.

The upcoming earnings report is expected to provide further insight into whether the recent emphasis on cash accumulation is a temporary pause or a broader shift in Strategy’s Bitcoin treasury strategy.