MicroStrategy has gone five weeks without buying a single Bitcoin, marking its longest pause in recent memory. Instead, the company raised $544.5 million by selling 5.43 million shares during that period. The shift comes as its massive Bitcoin stash sits roughly $8.84 billion below its average purchase price of $75,476 per BTC, with the cryptocurrency trading near $64,700.
Five weeks, no buys
MicroStrategy's last Bitcoin purchase was more than a month ago. Since then, the company has been leaning on its at-the-market (ATM) share program to raise cash. It still has $23.5 billion in ATM capacity remaining. The two July share raises created about 7.6 million new shares, resulting in roughly 2% dilution over two weeks against a total of 327 million shares outstanding.
The $8.84 billion hole
Bitcoin is down nearly 48% from its October 2025 peak, and MicroStrategy is feeling the pain. The company's holdings are underwater by $8.84 billion from its average cost. In June, it sold 3,588 BTC at around $60,000 each — below its own cost — to pay dividends. That sale alone crystallized a loss. The company's Digital Credit Capital Framework requires $1.76 billion annually for dividends and interest, with a $3.2 billion reserve covering about 22 months.
Dilution and buybacks
While selling new shares dilutes existing holders, MicroStrategy also bought back 288,930 shares of its preferred stock $STRC for $25 million at an average price of $86.52 per share. The company intends to be a regular buyer of STRC below $100. An additional $975 million remains available for preferred shares. Analyst firm Bull Theory was blunt: "This harms current shareholders a lot because every share sold dilutes existing holders, and they're being diluted to fund a Bitcoin position that's already down $8.84 billion."
Saylor's stance
Michael Saylor acknowledged the balancing act. "Strategy remains committed to Bitcoin as its primary treasury reserve asset," he said. "At the same time, Digital Credit requires liquidity, discipline, and active capital management." He also called corporate Bitcoin adoption inevitable. But Bitwise CIO Matt Hougan believes MicroStrategy's run as the dominant Bitcoin buyer is over. Grayscale, meanwhile, argues that controlled Bitcoin sales could stabilize BTC rather than sink it.
Stock price under pressure
MSTR stock traded at $96.22 in pre-market, up 1.45% from $94.85, but far below its 52-week high of $437. The company's cash reserve stands at $3.75 billion. With Bitcoin still well below its purchase price and dilution continuing, the next few months will test whether Saylor's strategy can hold. The company still has $23.5 billion in ATM capacity and intends to keep buying STRC below $100 — but with no Bitcoin buys in five weeks, the market is watching for the next move.
