Strategy, the company formerly called MicroStrategy, hasn't bought any bitcoin in recent weeks. Instead, it's been quietly rebuilding its dollar stockpile. The firm added $225 million to its USD reserve in the past week, bringing the total to over $3.2 billion as of July 19, 2026.
The pivot from buying
Strategy still holds 843,775 BTC, bought at an average price of $75,500 per coin. That's a total cost of roughly $63.7 billion. The current market value sits about $10 billion below that — meaning the position is underwater on paper. The company made two bitcoin sales in recent months. The second, announced earlier this month, was the largest: over 3,500 BTC sold for about $216 million.
That sale came after years of near-constant accumulation. The shift is stark. For a firm that once treated bitcoin as its primary treasury asset, the pause is a real change in direction.
A new framework for dividends
Strategy launched what it calls the Digital Credit Capital Framework. The goal: improve liquidity for monthly dividend payments and increase long-term bitcoin exposure. Before the latest $225 million addition, the company had already built its USD reserve to $3 billion — enough to cover dividend payments for more than two years.
The framework appears designed to let Strategy hold bitcoin while still meeting cash obligations. But it also means the firm is no longer plowing every available dollar into BTC.
Questions about the long game
Some analysts are starting to ask what Strategy's long-term bitcoin plan actually is. The consistent buying streak is over. The company is selling coins, not just holding. And the reserve build suggests management is prioritizing financial flexibility over maximalist accumulation.
Strategy hasn't said when — or if — it will resume buying. The next quarterly report will likely face questions about the strategy shift. For now, the firm is sitting on a $3.2 billion cash pile and a bitcoin stack that's worth less than what it paid.
