Strategy, as the company that holds the most Bitcoin on an institutional scale, has not purchased new BTC in the last four weeks. While the company’s longest purchasing gap in nearly two years draws attention, it seems that it preferred to strengthen its cash position during this period. This development is considered as a cautious approach regarding the capital structure before the second quarter balance sheet.
Michael Saylor’s post created expectation
Strategy Chairman Michael Saylor shared a chart regarding the company’s Bitcoin purchases on his X account on Sunday, July 26, and said, “We will need another color.” The post strengthened the expectations that a new Bitcoin purchase might occur on Monday, but this expectation was not met.
While sharing the company’s purchasing chart, Michael Saylor said, “We will need one more color.”
Following similar posts made by Saylor on Sundays, new Bitcoin purchases were frequently announced in the previous period through notifications made to the US Securities and Exchange Commission. Recently, this regular appearance has changed. Saylor made a similar post recently, but instead of the new acquisition, it was seen that the company made a significant amount of sales.
To date, Strategy has made 113 separate Bitcoin investments within the scope of its treasury strategy. The company has 843,775 BTC, purchased at an average cost of $75,476. The total cost of these purchases is around 63.69 billion dollars. Based on the Bitcoin price of $65,373.96, the market value of these assets is approximately $55.1 billion.
Cash accumulation came to the fore
Strengthening the cash side instead of purchasing new Bitcoin, Strategy sold more than 2.73 million MSTR shares between July 13 and July 19. The company generated net income of $263.5 million from these transactions. The July 20 SEC filing showed the cash balance had increased to approximately $3.225 billion.
However, the company has the capacity to sell an additional $23.53 billion of common shares under its existing in-market sales programs. This area provides significant flexibility for creating new financing in the future.
The company also took several steps to increase financial flexibility this year. These included a $1 billion digital credit security buyback, a $1 billion common stock repurchase program, and an authorization to sell up to $1.25 billion in Bitcoin if deemed necessary. On July 23, the mNAV calculation was changed and it was stated that the previous data could not be directly compared with the new method.
Valuation pressure and dividend burden monitored
It seems that valuation pressure on Strategy is also increasing. The company’s mNAV ratio has fallen below 1 since the end of June. This indicates that the company’s market value has fallen below the total value of its Bitcoin assets. In such a situation, issuing shares to purchase new Bitcoin may become less attractive.
CryptoQuant Research Head Julio Moreno argued in June that Strategy should slow down its Bitcoin purchases and strengthen its cash reserves again. Moreno stated that he calculated that the company’s available cash decreased significantly in the first half of the year.
Julio Moreno emphasizes that the company’s annualized dividend liabilities increased approximately fourfold, reaching 1.2 billion dollars, and its cash reserves decreased by 38 percent in 2026.
According to Moreno, while the dividend burden has increased rapidly in the last six months, the time period during which these obligations can be met with available cash has sharply shortened. For this reason, he opines that future Bitcoin purchases should be evaluated based on an investment approach rather than an automatic model.
