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BTC Strategy has not purchased Bitcoin for four consecutive weeks, setting the longest suspension record in two years.
Strategy has not purchased Bitcoin for four consecutive weeks, setting the longest suspension record in two years. The company will report second-quarter earnings on July 30 and currently holds $3.225 billion in cash reserves.
Highlights
Strategy's last confirmed Bitcoin purchase occurred in the week ended June 21, purchasing a total of 520 BTC units at a cost of approximately US$34.9 million. Second-quarter earnings will be released after the stock market closes on Thursday, and an investor conference call is scheduled for 5 p.m. The company's market capital-to-net asset value ratio (mNAV) fell below 1 in late June, falling below parity for the first time in its history.
SEC documents show no bitcoin purchases for four consecutive weeks
Documents filed with the U.S. Securities and Exchange Commission show that no bitcoin purchases were recorded for the four weeks of June 29, July 6, July 13 and July 20. The last confirmed purchase covered June 15 to 21, with a total of 520 BTC purchased at a cost of approximately US$34.9 million. The company raised $263.5 million through the sale of MSTR shares, increasing its cash reserves to $3.225 billion, the latest filings show.
Michael Saylor kept hinting, and on Sunday he posted a Strategy Bitcoin position chart on Platform X with the caption "We Need Another Color." This is the fifth similar image he has posted since the last disclosure of the purchase, and the company has confirmed that there were no transactions that week. This suspension is not without results. Between June 29 and July 5, the company sold 3588 BTC units worth approximately $216 million, the largest sell-off in its history, and then used the proceeds for preferred stock dividends and supplementary cash. A framework passed at the end of June authorized $1 billion in common stock buybacks,$1 billion in digital credit securities, and up to $1.25 billion in additional bitcoin sales.
Michael Saylor faces mNAV valuation dilemma
For years, Strategy's share price has been above the value of its Bitcoin holdings, a ratio that management calls mNAV, a premium that allowed the company to issue shares while increasing its Bitcoin holdings per share. The ratio hit about 0.99 in late June, below parity for the first time, and then recovered to about 1.03, while management believes the breakeven point is closer to 1.22. Julio Moreno, head of research at CryptoQuant, attributed the decline in Strategy's preferred stock to "deteriorating company fundamentals in late June." Dividend obligations quadrupled to $1.2 billion in six months, while dividend coverage fell from more than seven years to about 14 months. The research institute recommended that companies stop buying bitcoins and rebuild their cash reserves.
Bitcoin decline reshapes Strategy earnings expectations
Analysts surveyed by LSEG expected second-quarter operating income to be $3.86 billion, reversing after two consecutive quarters of losses. Two of the seven estimates were submitted before Bitcoin fell in June, putting consensus expectations at risk of downside surprises. The benchmark was set in the first quarter, with operating losses reaching $14.5 billion and net losses of $12.8 billion due to bitcoin's mark-to-market decline. Bitcoin yields have dropped to 5.8% this year from 9.4% in early May, while year-on-year growth in Bitcoin holdings per share has also slowed to 8%. MSTR closed at $91.67 on Friday, down about 33% since 2026, while Bitcoin fell 24% over the same period.
