Strategy Halts Bitcoin Buying Spree as Dollar Reserve Surges

Strategy, the company led by Michael Saylor, has halted its Bitcoin buying spree for now. In its latest filing with the, Strategy revealed it held onto 840,447 BTC through August 16, leaving its dollar reserve to grow to $4.8 billion. This means Strategy is redirecting some of its capital towards preferred stock obligations and repurchasing shares rather than adding more BTC.

The company's bitcoin position remains one of the largest corporate holdings anywhere, with a cost basis of $75,385 per coin, well above current spot prices trading near $64,268. However, Strategy's shift in marginal capital allocation suggests it is prioritizing cash reserves and preferred stock over Bitcoin accumulation.

This development raises questions about the market's ability to absorb weakness without the recurring corporate bid that has shaped price action for years. With ETF flows, derivatives positioning, and organic spot demand now driving price action, traders should be cautious of any break below current support levels.