Strategy pauses BTC buys, builds $3.225B cash buffer

Strategy halted weekly Bitcoin purchases while lifting its USD cash reserve to $3.225B. The firm kept its BTC stack intact and sold equity to fund dividends and debt.

According to its latest Form 8-K filing, Strategy holds 843,775 BTC acquired for $63.69B at an average $75,476 per coin. No BTC was bought during July 13–19.

The company raised $263.5M via 2.73M new Class A shares. Management positions the cash to cover preferred dividends and debt service, reducing pressure to sell BTC. Source: SEC filing.

Why it matters
- The BTC position remains unchanged. No sales reported. SEC.
- A larger cash reserve supports obligations and liquidity, signaling balance-sheet discipline over forced BTC disposals. Filing.
- Equity issuance stays core to the model, raising cash without selling BTC but diluting shareholders. Filing.

What to watch next
- Whether weekly BTC buying resumes or pauses extend.
- Changes in cash reserve versus preferred dividends and debt schedules.
- Additional equity issuance and its impact on per-share BTC exposure.

Key figures
- Holdings: 843,775 BTC.
- Cost basis: $63.69B, avg $75,476 per BTC.
- Weekly buys: none on July 13–19.
- Cash reserve: $3.225B.
- Equity raise: $263.5M via 2.73M Class A shares.
All figures from SEC 8-K.