Strategy's Bitcoin Buying Freeze Continues Amid mNAV Drop

Strategy, a company that buys and holds Bitcoin, has skipped four consecutive weekly purchases. This is its longest buying pause in two years.

The last purchase was made for the week ending June 21, and since then, Strategy has sold Bitcoin instead of adding to its stack.

This change in strategy comes after mNAV, a ratio that measures the premium of Strategy's stock over its Bitcoin holdings, dropped below parity. The model breaks down when this ratio falls below 1, as it did in late June before recovering slightly.

Strategy sold 3,588 BTC in two tranches between June 29 and July 5 for about $216 million, which was used to fund preferred stock dividends and top up its cash reserve. The reserve now stands at $3.225 billion.