Strategy has skipped its weekly Bitcoin purchase for the fourth week in a row — the longest buying pause in two years. The company, which had been accumulating Bitcoin steadily since mid-2024, hasn't added any BTC since the week ending June 21. Instead, it sold.
Sales instead of buys
Between June 29 and July 5, Strategy offloaded 3,588 Bitcoin in two separate tranches, raising roughly $216 million. The proceeds went toward preferred stock dividends and padding the company's cash reserve, which hit $3.225 billion by July 20. The sales mark a sharp reversal from the company's previous strategy of buying and holding.
The math behind the pause
For years, Strategy's stock traded at a premium to its Bitcoin holdings — the so-called mNAV ratio. But that premium nearly vanished in late June, when mNAV touched roughly 0.99, the first time it's ever dipped below parity. It's since recovered to about 1.03, but the model breaks when the premium shrinks. Meanwhile, Strategy's Bitcoin holdings are underwater against their purchase price; management's real breakeven sits near 1.22.
The company already posted a $14.5 billion operating loss in Q1 on Bitcoin's mark-to-market decline. LSEG consensus points to a swing back to $3.86 billion in Q2 operating income, but two of the seven analysts behind that number submitted their forecasts before June's bitcoin slide.
What to watch Thursday
Strategy reports second-quarter earnings on July 30 after the US market closes. The results will show whether the company sticks with its current trade-off: raising fresh capital while leaving its Bitcoin holdings untouched. Investors will be watching for any signal on whether the buying pause is temporary or a more permanent shift.
