Bitcoin Buying Freeze: Strategy's Four-Week Absence Suggests a Shift in Strategy

Michael Saylor's company, Strategy (formerly MicroStrategy), has gone four weeks without buying Bitcoin, marking its longest buying drought since at least 2024. The last purchase was a modest 520 BTC on June 22 for an average price of $67,068 per coin.

The company had previously acquired 1,550 BTC on June 8 for roughly $101 million, but the buying spree has come to a halt. Meanwhile, stock sales have not slowed down, with Strategy generating $263.5 million in net proceeds from share sales between July 13 and July 19.

The company's cash reserves have swelled to $3.225 billion, allowing it to stack dollars instead of sats for the first time in a meaningful stretch. CryptoQuant, an on-chain analytics firm, had previously recommended that Strategy pause acquisitions due to its existing Bitcoin position sitting on unrealized losses.