Strategy Earnings Approach After Month-Long Pause in Bitcoin Purchases
Key Takeaways
- •Strategy has not bought Bitcoin for four consecutive weeks, marking its longest purchase pause in two years.
- •The company sold 3,588 BTC between June 29 and July 5 for approximately $216 million.
- •Proceeds from the Bitcoin sales were used to pay preferred stock dividends and replenish cash reserves.
- •Strategy’s mNAV briefly dropped to about 0.99 in late June before recovering to roughly 1.03.
- •The second-quarter earnings report is expected to clarify the impact of Bitcoin price movements and Strategy’s capital strategy.
Strategy has gone four consecutive weeks without buying Bitcoin (BTC), marking its longest pause in purchases in two years. The company is scheduled to report second-quarter earnings on Thursday, July 30, after the US market closes.
SEC filings show that Strategy’s most recent Bitcoin purchase covered the week ending June 21. Since then, the company has sold Bitcoin rather than adding to its holdings, shifting attention from accumulation to how it funds obligations and manages balance-sheet liquidity.
Buying Pause Follows Decline in mNAV
For years, Strategy’s stock traded at a premium to the value of its Bitcoin holdings, a ratio known as mNAV. That premium allowed the company to sell shares above the value of its BTC exposure and increase Bitcoin per share for shareholders.
The model comes under pressure when mNAV moves toward 1. At that level, new share sales can destroy value rather than create it. Strategy’s mNAV fell to about 0.99 in late June, its first-ever reading below parity, before recovering to roughly 1.03. Its Bitcoin holdings now trade below their purchase price, while management has placed the effective breakeven level closer to 1.22.
We’re gonna need another color. pic.twitter.com/AqZO5UeXDx — Michael Saylor (@saylor) July 26, 2026
We’re gonna need another color. pic.twitter.com/AqZO5UeXDx
Between June 29 and July 5, Strategy sold 3,588 BTC in two transactions for approximately $216 million. The proceeds were used to fund preferred stock dividends and replenish the company’s cash reserve. Strategy adopted the capital framework in late June, and its reserve had reached $3.225 billion by July 20.
Earnings Report May Clarify Capital Strategy
Strategy reported a $14.5 billion operating loss in the first quarter, driven by Bitcoin’s mark-to-market decline. LSEG’s consensus estimate indicates a potential rebound to $3.86 billion in operating income for the second quarter. However, two of the seven analysts included in that estimate submitted forecasts before Bitcoin’s June decline.
Because Strategy’s reported earnings are closely tied to the accounting value of its Bitcoin holdings, the second-quarter report may give investors a clearer view of both the impact of recent BTC price moves and the company’s use of its new capital framework. The upcoming results will show whether Strategy continues with its current approach: raising fresh capital while keeping its Bitcoin holdings unchanged.
